JAPAN: Honda Q2 profit rises 58% - report
Honda Motor on Tuesday said its fiscal second-quarter net profit rose 58%, helped by stronger sales in North America and Asia, Dow Jones reported.
The company also raised its full-year outlook for net profit by 10% to 470 billion yen despite the stronger yen, the report added. According to Dow Jones, Honda reported group net income of 137.36 billion yen ($US1.27 billion) for the latest quarter ending Sept. 30, compared with 87.18 billion yen for the same period last year, while operating profit for the quarter fell 0.9% to 151.69 billion yen from 153.05 billion yen.
Sales increased 5.2% to 2.017 trillion yen from 1.917 trillion yen, as unit sales in all of Honda's business areas increased, the Dow Jones report said.
Honda reportedly said it assumes the dollar will average 110 yen against the Japanese currency in its fiscal second half, compared with earlier expectations of 115 yen.
Dow Jones said, for the first half, the company posted a 23% rise in net profit to 239.18 billion yen from 194.78 billion yen on a 4.4% gain in revenue to 4.025 trillion yen, up from 3.854 trillion yen.
First-half operating profit fell 6.8% to 301.87 billion yen from 323.87 billion yen, the report added.