A visitor and the logo of Honda Motor Co are reflected on a Honda car at the company’s headquarters in Tokyo January 30, 2009. — Reuters picTOKYO, May 14 — Honda said today that its full-year net profit soared more than 40 per cent thanks to cost-cutting efforts, shrugging off the negative impact of the pandemic.
The Japanese automaker posted net profit of ¥657.4 billion for the year to March, up 44.3 per cent, beating its own annual forecast of ¥465 billion. The company added there were “some unfavourable factors such as a decrease in demand due to the impact of the Covid-19 pandemic and the impact of semiconductor supply shortages.”
The results come after the car giant said last month it would aim to have electric and fuel cell vehicles account for 100 per cent of all sales by 2040 to promote climate goals.The pandemic has taken a heavy toll on the global auto sector but demand recovered swiftly in the second half of last year, most notably in the United States and China, they said.
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