Suzuki Motor posted its lowest annual operating profit in four years on Tuesday as the coronavirus pandemic hit demand for its cars, but the earnings beat estimates and the Japanese automaker raised its dividend, sending its shares surging.
Profit came in at 215.1 billion yen ($1.99 billion) for the year to March, down 34 per cent from a year ago and its lowest since the year ended in March 2016. But it was higher than an average estimate of 201 billion yen profit drawn from 15 analysts polled by Refinitiv.
Suzuki, the country’s No. 4 automaker, declined to give an earnings forecast for the current business year, citing uncertainties about the longer term impact of the coronavirus on its operations