Suzuki Motor has posted a better-than-expected 23% jump in quarterly profit as its compact cars achieved healthy sales growth world-wide amid record-high fuel prices.

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Suzuki booked an operating profit of JPY38.3bn ($US360m) in October-December, according to calculations by Reuters based on its announcement of nine-month results on Thursday.


The news agency said that beat an average estimate of JPY36.1bn in a Reuters Estimates poll of six brokerages. Net profit for the third quarter climbed 20% to JPY21.62bn, on a 12% rise in revenue to JPY849.92bn.


Reuters noted that Suzuki’s Indian subsidiary, Maruti Suzuki India, this week also beat expectations with a 24% rise in quarterly net profit helped by solid sales of more profitable cars such as the Swift hatchback and SX4 sedan.


Its global production rose 9.9% to 680,000 cars, with output increasing 6.1% in Japan and 18% in the rest of Asia also thanks to a recovery in the Indonesian car market.

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In Hungary, it manufactured 7.3% more cars to feed growing demand in both Western and Eastern Europe, Reuters said.


According to the report, Suzuki, which has a relatively small exposure to the US market, and hence the dollar, enjoyed currency gains of JPY4.7bn in the quarter as the Japanese currency weakened favourably against the euro, Indian rupee and other currencies.


Despite a rise in raw materials costs, the automaker managed a net cost reduction gain of JPY6.7bn while improved vehicle sales contributed JPY13.9bn to the rise in operating profit.


Suzuki, which Reuters noted is known for its ultra-cautious projections, left its annual forecasts unchanged at KPY145bn operating profit and JPY82bn net profit.


Consensus forecasts from 18 brokerages as of Thursday see an operating profit of 154.8bn yen and net earnings of 88.5bn yen, up 16-18% from 2006/07, the report added.