TOKYO (Bloomberg) -- Suzuki Motor Corp. reported an 81 percent decline in fourth-quarter profit following Japan's record earthquake.
Net income was 2.57 billion yen ($31.8 million) for the three months ended March 31, down from 13.42 billion yen a year earlier. Sales for the quarter fell 1.3 percent to 680.51 billion yen.
The Hamamatsu-based automaker, which controls India's Maruti Suzuki India Ltd., is battling to increase production in Japan after the 9-magnitude temblor caused parts and electricity shortages. The March 11 quake and tsunami cost the company 5 billion yen for the financial year that ended that month, it said today.
Suzuki posted net income of 45.2 billion yen for the full year. It declined to give a forecast for 2011.
Volkswagen AG owns 20 percent of the Japanese automaker. In a related matter, Senior Managing Officer Yasuhito Harayama said Suzuki and Volkswagen will remain independent carmakers even after the German company agreed to take the stake in December 2009.
The two companies are still evaluating their positions within the alliance and their strategies are separate, he said.