JAPAN: Honda nine-month net up 150%

By just-auto.com editorial team | 31 January 2011

Honda Motor said on Monday net income for the first nine months of the fiscal year to 31 December, 2010 rose 149.5% to JPY489.5bn (US$6,077m).

Earnings per share rose to JPY270.82 ($3.32) from JPY108.14.

Operating income was up 96% to JPY523.5bn ($6,425m) due to increased sales volume and model mix, a reduction in fixed costs per vehicle, as a result of increased output and continuing cost reductions, despite increased SG&A expenses and R&D expenses and unfavourable foreign currency effects.

Revenue was up just 6.7% to JPY6,723.7bn ($82,511m) primarily due to automobile and motorcycle units, again despite unfavourable currency.

Automobile unit sales were 2,652,000 units up 5.3%. Japanese sales of 440,000 were off 5.0% while volume outside was up 7.6% to 2,212,000 as sales in North America and Asia offset a fall in Europe.

Honda expects full fiscal year sales of 3,580,000 units, up 188,000 year on year.

Revenue is seen up 3.7% to to JPY8,900bn,  operating income up 70.4% to JPY620bn and net income up 97.5% to JPY530bn.