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Honda Motor Co.’s April-September profits totaled 494.68 billion
yen ($3.2 billion), declining from 616 billion yen for the same
period the previous year, on 10.8 trillion yen ($70.5 billion)
in sales, up from 9.6 trillion yen.
Although Honda sold more motorcycles globally in the first
fiscal half, boosted by healthy demand in Asia, its car sales
fell, especially in China, company officials told reporters.
Warranty costs and expenses related to quality problems, as well
as higher incentives, also chipped away at Honda’s profits,
while foreign exchange fluctuations added drag, according to
Tokyo-based Honda. The company did not break down quarterly
numbers.
Honda lowered its profit forecast for the fiscal year through
March by 50 billion yen ($330 million) to 950 billion yen ($6.2
billion).
That’s lower than the 1.1 trillion yen ($7.2 billion) Honda
earned last fiscal year.
Domestic rival Toyota Motor Corp. reported a drop in profit
earlier in the day. Nissan Motor Co. reports earnings Thursday.
Honda stock dove 6.5%, while Toyota issues gained 1.7%.
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