FILE PHOTO: People are reflected on a Honda Motor car outside the company's headquarters in Tokyo, Japan Feb 2, 2017. TOKYO: Japanese automaker Honda reported on Friday that its profit rose 23 per cent in the last quarter, despite a pandemic that has slammed businesses around the world.
Tokyo-based Honda Motor said its July to September profit was 240.9 billion yen , up from 196.5 billion yen a year earlier, as the auto market recovered in some parts of the world.Honda said it carried out aggressive cost cuts that involved a “fundamental review” of its operations. The situation was also improving from earlier this year, when lockdowns and other problems related to COVID-19 caused disruptions of some production and an inventory crunch.
Reflecting that upbeat mood, Honda raised its profit forecast for the fiscal year through March 2021 to 390 billion yen from an earlier projection for 165 billion yen .The latest forecast is still lower than the 455.7 billion yen profit Honda booked in the previous fiscal year. Honda sold slightly more vehicles in the quarter through September at 1.25 million vehicles, compared to 1.24 million vehicles in the same period of 2019.Kohei Takeuchi, a senior Honda manager, said much of the damage to sales likely came from the pandemic, though he hesitated to blame the entire decline on the pandemic.
Also Friday, Toyota Motor raised its full year fiscal forecasts to a 1.4 trillion yen profit, after reporting results that appear to show a gradual but sure recovery. Its profit fell 11 per cent in the last quarter.
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