Honda Motor Sees Profits Surge 95.9%

Profit of $2.87 billion

Honda Motor, Japan's second largest automaker, announced on April 28 a profit of $2.87 billion in the fiscal year ended March, an increase of 95.9% over the previous year.

In a further indication of the industry's rebound from the demand-sapping effects of the economic slump, Honda said profit for the fiscal fourth quarter amounted to 72.1 billion yen (US$770 billion), from a 180 billion yen loss the previous year.

Fourth quarter revenue rose 27.8%t year on year to 2.2 trillion yen, driven by automobile sales that were 28.5% higher compared to the same time last year.

The fiscal year's 268.4 billion yen profit was made on revenue of 8.5 trillion yen, down 14.3% from the previous year due to "unfavorable currency translation effects" as the yen saw relative strength against the dollar.

The firm also forecast a 26.7% profit rise in fiscal 2011 to 340 billion yen.

Copyright Agence France-Presse, 2010

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