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Isuzu posts higher yearly profits

Japanese automaker Isuzu Motors Ltd. reported on May 14 a 12.6% increase in fiscal 2018 profits as overseas sales offset a slight revenue decline in the domestic market.

Net income attributable to owners of the parent rose 12.6% to ¥105.66 billion in the fiscal year that ended March 31 from ¥93.86 billion in the year-ago period. On a per-share basis, net income was ¥134.17, up from ¥119.13 in fiscal 2017.

Net sales for the fiscal year climbed 6.0% to ¥2.070 trillion from ¥1.953 trillion. Sales in Japan slipped to ¥786.91 billion from ¥788.44 billion, while overseas sales increased to ¥1.283 trillion from ¥1.165 trillion, due to higher pickup truck sales in Thailand, along with engine and component sales.

By volume, total vehicle sales fell to 501,892 units from 506,319 units, with Japan sales dropping to 72,262 units from 80,341 units.

Operating income rose 13.9% to ¥166.77 billion from ¥146.44 billion in fiscal 2017 due to sales growth, cost-reduction efforts and favorable foreign exchange swings, the company said.

Suzuki expects its net income in fiscal 2019 to rise to ¥110.0 billion. Net sales are projected to increase to ¥2.140 trillion and operating income is forecast to climb to ¥176.00 billion.

As of May 15, US$1 was equivalent to ¥110.26.