Honda Motor Company today announced that its consolidated net income for the fiscal first quarter ended June 30, 2002 was 107.5 billion yen ($US900 million), an increase of 20.4% over Q1, 2001.

Basic net income per common share for the quarter was 110.42 yen ($0.92), compared to JPY 91.72 for the second quarter 2001.

Consolidated net sales and other operating revenue for the fiscal first quarter totaled 1,936.8 billion yen ($6,208 million), an increase of 10.0% over Q1 2001
In addition to higher sales, currency translation effects, which had a positive impact on foreign currency-denominated revenue from Honda’s overseas subsidiaries, translated into yen, contributed to this increase.

Honda estimates that had the exchange rate of yen remained unchanged from the same period in 2001, revenue for the quarter would have increased by approximately 6.5%.

Consolidated operating income for the fiscal first quarter totaled 170.8 billion yen ($1,429 million), an increase of 12.8% compared to the corresponding period in 2001.

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The increase in operating income was due primarily to an increase in revenue contributed by higher unit sales of motorcycles, cars and power products, the positive impact of the depreciation of the yen and Honda’s ongoing cost reduction efforts, which offset increases in selling, general and administrative expenses and research and development expenses.

Consolidated income before income taxes for the quarter totaled 163.7 billion yen ($1,370 million), an increase of 20.7% from Q1 2001.

In the fiscal first quarter Honda’s car sales increased by 8.8% to 694,000 units, due primarily to strong sales in North America helped by the newly introduced Pilot SUV, redesigned CR-V line and new Acura RSX.

Revenue increased 9.1% to 1,551.4 billion yen ($12,983 million) during the quarter.

Motorcycle unit sales increased 33.4% to 1,827,000 units, and revenue increased 12.1%, to 251.8 billion yen ($2,108 million).  This increase was due primarily to higher sales in Asia outside of Japan and North America.

Revenue from other businesses, including power products and financial services, increased 17.2% to 133.5 billion yen ($1,118 million) due mainly to higher sales of power products and higher revenue from the finance subsidiaries.