Honda Motor operating profit for the first half of fiscal 2022/23 ended 30 September rose to JPY453.4bn, a year on year increase of JPY11.2bn.

“This was due primarily to pricing that reflects increased product value, a reduction of incentives, an increase in motorcycle unit sales and favourable currency effects,” the automaker said in a statement.

H1 net profit, however, fell JPY50.6bn to JPY338.5bn “due primarily to a decrease in the share of profit of investments accounted for using the equity method”.

Honda said despite a decrease in automobile unit sales and forecast continuation of rising costs, it was upping its full fiscal year operating profit outlook JPY40bn to JPY870bn yen due to an increase in motorcycle unit sales in countries such as India and Vietnam and recent currency effects.

The net profit forecast was revised by JPY15bn to JPY725bn.

H1 sales rose 15.7% to JPY8,085.3bn .

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By GlobalData

Automobile sales rose 12.8% to JPY5,003.9bn.

“Although sales decreased mainly in North America, sales revenue experienced a year on year increase due primarily to favourable currency effects,” the automaker said.

But automobile unit operating profit fell 45.7% to JPY63.5bn due to lower sales volume.

Combined with the operating profit from financial services related to automobile sales, automobile unit operating profit was estimated at JPY211.3bn.