Honda Motor has posted record results for fiscal year 2008 but sharply reduced profit forecasts for FY2009, based on an exchange rate of just JPY100 to US$1.
Go deeper with GlobalData
Consolidated net sales and other operating revenue rose for the eighth consecutive fiscal year by 8.3% to JPY12,002.8bn (+8.3%) due, the diversified automaker said, to increased sales revenue in all business areas.
Consolidated operating income rose 11.9% to a record JPY 953.1bn due to increased profit from higher revenues, cost reductions, and the positive effect of currency exchange rates, despite an increase in incentives in North America, the impact of increased raw material costs, and increases in selling, general and administrative expenses and research and development expenses.
Net income was up 1.3% to JPY600.0bn.
Automobile sales rose 7.5% to 3.925m units due to increased sales in markets outside of Japan, especially in North America, Europe and Asia.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalDataMotorcycle sales fell 10.1% to 9.32m while power products (such as lawn mowers) were off 5.7% to 6.057m units.
Honda is forecasting FY2009 automobile sales up 5.5% to 4.14m units.
It expects a 1.1% increase in net sales to 12.140bn; a 31.8% drop in operating income to 650bn and an 18.3% drop to 490bn net income.
