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Honda’s Revenue Up, Profit Down
Honda Motor Co. increased revenue in the fiscal year ended March 31 by 3%, and consolidated vehicle sales advanced 2% to 3.75 million units. But net income plunged 42%.
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Honda Motor Co. increased revenue in the fiscal year ended March 31 by 3% to 15.9 trillion yen ($144.4 billion), as consolidated vehicle sales advanced 2% to 3.75 million units.
But Honda’s operating profit for the period fell 13% to 726 billion yen ($6.6 billion). Net profit plummeted 42% to 610 billion yen ($5.5 billion), dragged down by a 13 billion yen ($118 million) loss in the final quarter.
Honda blames last year’s downturn on unfavorable exchange rates and production cuts in Europe.
The company predicts its consolidated car sales will shrink 5% to 3.55 million units in the current fiscal year. But operating and net profit are expected to grow 6% and 9%, respectively.
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