Honda has announced consolidated improved fourth quarter results as well as fiscal year profit surging 95.9%.
Consolidated net sales and other operating revenue for the fiscal fourth quarter amounted to Y2,279.5bn, an increase of 27.8% compared to the same period last year, due to increased sales in all business segments and the favourable impact of currency translation.
Consolidated operating income amounted to Y96bn, an increase of Y368.2bn from the same period last year, due mainly to increased profit from higher revenue, reduction in vehicle costs by increased production and decreased selling, general and administrative expenses.
For the year end, Honda says it recorded net income of Y268.4bn, up 95.9%.
Consolidated net sales and other operating revenue for the fiscal year amounted to Y8,579.1bn, a decrease of 14.3% compared to the same period last year, primarily due to the unfavourable impact of currency translation and decreased revenue in automobile business.