Honda profit doubles on yen’s fall

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Honda A man is silhouetted against a logo of Honda Motor at the company showroom in Tokyo.

Tokyo - Honda Motor Co's net profit more than doubled for the October-to-December period from a year earlier to 160.7 billion yen (1.57 billion dollars) due to the yen's depreciation, cost-cutting measures and robust domestic and US sales, the company said Friday.

Honda said its sales rose 24.5 per cent year-on-year to 3.02 trillion yen for the quarter while operating profit jumped 73.2 per cent to 228.5 billion yen.

The carmaker also said its global sales grew 9.7 per cent from a year earlier to 1.08 million vehicles for the quarter.

Honda maintained its net profit forecast at 580 billion yen and operating profit outlook at 780 billion yen for the current financial year to the end of March, while sales were projected at 12.1 trillion yen.

Shares in Honda closed down 0.26 per cent to 3,893 yen Friday ahead of the earnings report, which was released after the markets closed. - Sapa-dpa


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