JAPAN'S SUZUKI MOTOR POSTS 19.3% NET PROFIT RISE
- Japan's Suzuki Motor said Thursday, May 10 net profit rose 19.3 percent in the year to March as cost-cutting efforts absorbed a decline in sales largely due to a strong yen and a slump in India, according to AFP.
The motorcycle and small car specialist said it earned 53.9 billion yen ($680 million) in fiscal 2011, up from 45.2 billion yen a year earlier, while sales in the period slipped 3.7 percent to 2.51 trillion yen.
The drop in revenue was partly offset by strong domestic sales in Japan, which rallied in the second half of the year as the impact of the March 2011 earthquake and tsunami began to decline, Suzuki said in a statement.
Shipments abroad were hit by a sales slump in India combined with the yen's appreciation, which makes Japanese exporters' products pricier overseas and shrinks the value of their foreign-earned income.
"Overseas, sales decreased year-on-year due to the impact of the yen appreciation, decrease of exports especially to Europe, and a sales decrease in India," Suzuki said in a statement.
The firm also said it expects net profit to climb about 30.0 percent to 70 billion yen on higher sales of 2.60 trillion yen in the current fiscal year ended March 2013.
Last year the yen hit record highs against the dollar which, compounded with the quake-tsunami disaster and flooding in Thailand, took a heavy toll on Japanese manufacturers.
- 1804 Mamed Khan of Yerevan, knowing of the Russian force's progress, orders the migration (for the duration of the war) of about 20000 Armenians from the Khanate of Yerevan to Ghars.
- 1810 Birth of Gabriel Aivazovski in Feodosia (Ukraine). He died in 1880 in Tbilissi (Georgia).
- 1838 Birth of Viscount James Bryce (statesman). He served under Prime Minister William Gladstone. He was a founder of the League of Nations. He wrote on jurisprudence and political science. He vociferously condemned the Armenian Genocide by the Turkish government. He died in 1922.
- 1848 The Lazaryan College (Moscow) becomes the Institute of Western Languages.
- 1855 The Sultan orders, for the first time, the draft for the Christians in Turkey. The order was ineffective.
- 1920 Armenia's Revolutionary Military Committee in Alexandropol and proclaims the establishment of Soviet power in Armenia.
- 1923 Birth of Heydar Aliev, First Secretary of the Communist Party in Azerbaijan, Head of the Azeri Turk subdivision of the Soviet KGB, Member of the USSR Politbureau, and Head of Atheistic Propaganda under the Soviet regime. Committed Genocide against the Armenians of Nakhitshevan and Artsakh. Took over the presidency of Azerbaijan in 1993.
- 1941 The Ten-day Festival of Armenian Literature starts in Moscow (Russia).
- 1943 Garegeen the First (Hovsepyants) is anointed Catholicos of Cilicia in Antilias' Cathedral.