29.5 C
Thursday, February 20, 2020
Home Business Foreign Business Honda’s 6-mo net profit slumps 19%

Honda’s 6-mo net profit slumps 19%


TOKYO: Japanese carmaker Honda said on Friday its first-half net profit dropped 19 percent on negative currency exchange rates and falling motorcycle sales, slightly revising down profit forecasts for the full year.

For the April-September period, Honda posted net profit of 368.85 billion yen ($3.38 billion), down 19 percent from a year earlier, as sales slipped 1.8 percent to 7.725 trillion yen.

For the full year to March, Honda now expects 575 billion yen net profit on sales of 15.05 trillion yen, compared with 645 billion yen net profit on sales of 15.65 trillion yen in the previous forecast.

The company however said operating profit, “excluding currency effects and one-time issues, increased 50.0 billion yen compared with the same period last year” due to cost-cutting efforts.

Automobile sales by unit edged up 0.4 percent, while motorcycle sales by unit slipped 6.1 percent chiefly due to slowdown in the Indian market, it said in a statement.

For the full year to March, it will keep the same level of operating profit as the previous year “by steadily implementing initiatives to improve profitability” despite a higher yen, “the worsening economy in India and a decrease in sales in Japan,” it said.

The announcement comes a day after its bigger rival Toyota reported record net profit and sales for the first half, with cost-cutting efforts helping to boost its balance sheet.


Two former Japan cruise ship passengers die – media

TOKYO: Two former passengers of the coronavirus-wracked Diamond Princess have died, local media reported on Thursday, as fears mount about those who have left...

South Korea coronavirus cult cluster spikes

SEOUL: A cluster of novel coronavirus infections centered on a cult church in the South Korean city of Daegu leaped to 39 cases Thursday,...

DepEd lifts suspension on off-campus events

THE Department of Education (DepEd) announced that all national, regional, and off-campus activities which were suspended due to the threat of the coronavirus disease...

DOJ orders probe into killing of ex- BuCor legal chief

THE Department of Justice on Thursday  directed the National Bureau of Investigation (NBI) to investigate the killing of an official of the Bureau of...

American charged for trafficking, child abuse, faces kidnapping rap, too

AN arrest warrant for kidnapping was served to an American while attending a court hearing for a trafficking case in Pasay, the National Bureau of...

Today’s Front Page February 20, 2020

Today’s Front Page February 20, 2020