JAPAN: Honda breaks Q1 financial records
Honda Motor has posted record first-quarter record net sales, operating income, income before income taxes, and net income, the automaker said on Wednesday.
Operating income rose 8.9% to JPY221.6bn on net sales up 12.7% to JPY2931.1bn. Before-tax income rose 14.1% to JPY218.2bn and net income climbed 15.8% to JPY166.1bn.
The automaker said it achieved a seventh consecutive record for first quarter consolidated net sales and other operating revenue due to increases in all business sectors.
Record operating income was due to higher revenue, cost reduction, and positive currency effects due to depreciation of the yen, offset by "soaring" raw materials costs, higher depreciation and an increase in selling, general and administrative expenses plus R&D costs.
Automobile sales rose 5.6% to 946,000 units due to higher sales overseas, mainly in North America, Europe and Asia. This was the ninth consecutive Q1 increase, Honda noted.