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Honda’s Quarterly Net Profit Climbs 16%
Honda Motor Co. reports its net profit in the fiscal first quarter ended June 30 grew to 207 billion yen ($1.9 billion) from 175 billion a year earlier.
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Honda Motor Co. reports its net profit in the fiscal first quarter ended June 30 grew to 207 billion yen ($1.9 billion) from 175 billion a year earlier.
Operating profits for the period advanced 1% to 269 billion yen ($2.4 billion), hampered by higher selling and product development costs. Gains in Asia, including Japan, offset lower sales volumes in Europe and the U.S.
Honda’s sales revenue in April-June climbed 7% to 3.7 trillion yen ($33.7 billion), aided by a richer sales mix. Retail unit sales rose 4% to 1.27 million vehicles.
The company says its regional operating profits for the period plunged 40% in North America but grew 8% in Asia and fivefold in Europe.
Still, Honda raised its full-fiscal-year outlook, which anticipates more favorable exchange rates. The company predicts an operating income of 725 billion yen ($6.6 billion) and net income of 545 billion ($4.9 billion). Those totals are 16% and 12% lower than the previous 12-month period but are better than the company’s earlier guidance.
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