Honda has raised its operating profit forecast for the current fiscal year by 80bn yen to 790bn yen as the company benefits from more favourable currency movements and higher sales of motorcycles in Asia.
Consolidated sales revenue for the fiscal first half (April 1, 2018 through September 30, 2018) amounted to 7,865.8 billion yen, an increase of 5% compared to the same period last year.
Consolidated operating profit for the fiscal first half amounted to 513.8bn yen, an increase of 21.7% compared to the same period last year, due primarily to an increase in profit related to changes in sales volume and model mix resulting from strong sales of motorcycles, mainly in Asian countries such as India and Vietnam, as well as cost reduction efforts.
Consolidated profit before income taxes for the fiscal first half amounted to 641.3bn yen, an increase of 11.0% compared to the same period last year. Consolidated profit for the fiscal first half attributable to owners of the parent amounted to 455.1bn yen, an increase of 19.3% compared to the same period last year.
Honda posted a fiscal first half record for consolidated sales revenue, consolidated operating profit, consolidated profit before income taxes and consolidated profit for the period.
The forecast for consolidated sales revenue in the current fiscal year was revised upward by 350.0bn yen to 15.8 trillion yen.
The upgraded profit forecast for the current fiscal year would still mean a 5% decline in profits versus the previous year, marking the second consecutive annual decline in profit at Honda.
