Honda Motor said it all but tripled operating profit for the fiscal third quarter ended 31 December, 2012 to JPY131.9bn yen. The 198% year on year rise was due to recovery from the impact of the Thai floods in 2011 and an increase in car sales, mainly in North America.
Operating income for the fiscal first nine months (1 April to 31 December) rose 242% to JPY408.8bn. Nine-month net income was up 108% to JPY291.3bn.
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Revenue rose JPY483bn to JPY2.4 trillion in the third quarter and from JPY5.5 trillion to JPY7.1 trillion for the nine months.
Global car sales were up to 841,000, from 622,000 in the third quarter and from 1.65m to 2.5m in the nine-month period.
Honda has maintained its operating income forecast for the full fiscal year (ending 31 March) at JPY520bn, factoring in a decline in automobile sales in Europe and China due to severe economic conditions which offset the positive impact of the recent depreciation of the yen.
It has cut its car unit sales expectation from 4.12m to 4.06m units for the full fiscal year.
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By GlobalDataExpected foreign exchange losses due to rapid depreciation of the yen since the end of 2012 were factored into the downward revision of net income forecast from JPY375bn to JPY370bn.
The dividend forecast is unchanged at JPY19yen, a JPY4 increase year on year. Total fiscal year cash payments are pegged at JPY76 per share, up JPY16.
