Sign in to comment!

Menu
Home

World

Honda's quarterly profit more than doubles on weak yen, strong sales ahead of Japan tax hike

Honda's profit for the fiscal fourth quarter zoomed to more than double the previous year's as the benefits of a weak yen added to strong sales.

Honda Motor Co. said Friday that January-March net profit totaled 170.5 billion yen ($1.67 billion), up from 75.7 billion yen the same period the previous year.

Quarterly sales surged 13 percent to 3.097 trillion yen ($30 billion).

The automaker sold nearly 1.2 million vehicles during the quarter, helped by purchases by Japanese seeking to beat a sales-tax rise on April 1.

The Tokyo-based maker of the Odyssey minivan, Accord sedan and Asimo robot expects to sell 4.83 million vehicles globally for the fiscal year ending March 2015.

It forecast a 21 percent rise in annual profit to 595 billion yen ($5.8 billion).