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Honda Quarterly Profit Surges 61%
Honda Motor Co. recorded net earnings of 71.5 billion yen ($891 million) in the in the fiscal year ended March 31 compared with 44.5 billion yen ($555 million) a year earlier.
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Honda Motor Co. recorded net earnings of 71.5 billion yen ($891 million) in the in the fiscal year ended March 31 compared with 44.5 billion yen ($555 million) a year earlier.
Revenue grew 9% to 2.4 trillion yen ($30 billion) in the quarter as car sales rose 15% to 988,000 vehicles.
For the full fiscal year ended March 31, Honda's net income tumbled 61% to 211.5 billion yen ($2.6 billion). Revenue dropped 11% to 8 trillion yen ($99.1 billion).
The company blames the yen's persistent strength for the erosion of its annual results. Honda also was the hardest hit last year among Japan's automakers by the country's earthquake and tsunami in March 2011 and massive flooding in Thailand in the autumn.
The company predicts its full-year net earnings will more than double in the fiscal period that began on April 1 to 470 billion yen ($5.9 billion). Honda also expects revenue to jump 30% to 10.3 trillion yen ($128.4 billion) as sales to climb 38% to a record 4.3 million vehicles.
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