TOKYO: Honda last week announced its net profit doubled to in the three months to December, thanks to brisk global sales and a weaker yen. Net profit for October to December rose to $1.56 billion.
The results were “mainly due to a rise in automobile and motorcycle net sales as well as the positive impact of foreign exchange effects,” the company said.
A sharp decline in the yen this financial year has boosted profitability at major Japanese exporters, including Honda rivals Toyota and Nissan. For the nine months to December, Japan’s third-largest carmaker logged $3.92 billion in net profit, up nearly 40 percent from the same period the previous year.
Revenue for the three quarters rose 23 percent, with its sales in North America up 30 percent year-on-year owing to healthy sales of four-wheel vehicles, Honda said. It also enjoyed good sales in the motorbike business in Asia where profit was up more than 50 percent from a year ago.