Honda Motor on Tuesday reportedly said its profits for the fiscal quarter ended March 31 edged up 27% as surging sales offset the damage from an unfavourable exchange rate.

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The Associated Press said Honda’s group profit for the January-March period totaled 94.1 billion yen ($US891 million; €687 million), up from 74.1 billion yen the same period a year ago.


Honda’s profit for the fiscal year to the end of March totalled 486 billion yen, up 5% from 464 billion yen the previous year, the report added.


Sales for the final quarter totalled 2.3 trillion yen, up 9.5% from 2.1 trillion yen the same period a year ago, AP said, adding that fiscal year sales climbed to a record high 8.65 trillion yen, up 6% from 8.16 trillion yen the previous year for the fourth straight year of record sales.


The Associated Press said Honda is forecasting 450 billion yen in profit for the fiscal year ending March 31, 2006, down 7% from the latest fiscal year, as sales rise 7.5% to 9.3 trillion yen.

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The news agency said Honda plans to sell 3.4 million vehicles after selling 3.24 million vehicles, up 9% from 2.98 million, in fiscal 2005.


AP said Honda’s vehicle sales for the fiscal year were slightly down by 0.6% in Japan, up 16% in Europe and up 50% in Asia – North American sales inched up 1.1% in fiscal 2004 from the previous year.