Don't miss

Replay


LATEST SHOWS

EYE ON AFRICA

Leading human rights activist shot in Burundi's capital

Read more

MEDIAWATCH

Migrant Crisis: The Blame Game

Read more

THE DEBATE

Kerry Middle East Tour

Read more

BUSINESS DAILY

Greek shares plunge as trading resumes in Athens

Read more

IN THE PAPERS

'Gulf countries need proof and guarantees'

Read more

IN THE PAPERS

'The deadly French-English border'

Read more

EYE ON AFRICA

Experimental Ebola vaccine could stop virus in West Africa

Read more

MEDIAWATCH

#CecilTheLion : Hunter Becomes The Hunted

Read more

THE WORLD THIS WEEK

Erdogan’s gamble: Turkey launches offensives on PKK and Islamic State Group (part 2)

Read more

Business

Low demand sees Honda's profits plunge by more than half

Text by News Wires

Latest update : 2009-10-27

Japan's number two automaker has seen its profit fall to 587 million dollars in September, down 56.2 percent from a year earlier. Honda blamed poor demand but is nevertheless expecting a net profit for the year to March 2010.

AFP - Honda Motor said Tuesday its latest quarterly earnings plunged by more than half due to weak demand, but Japan's number two automaker upgraded its outlook for the rest of the year.
  
Honda posted a net profit of 54.0 billion yen (587 million dollars) for the three months through September, down 56.2 percent from a year earlier.
  
Revenue dropped by 27.2 percent on the year to 2.06 trillion yen, hit by weak car sales and a stronger yen, according to a company statement. Operating profit plunged 56.0 percent to 65.5 billion yen.
  
The group said it had sold 838,000 automobiles worldwide in the quarter, marking a decrease of 10.4 percent from the same period of last year.
  
But the outlook is brightening: Honda anticipates a net profit of 155 billion yen for the year to March 2010, compared with a previous projection of 55 billion yen. That would represent a 13.1 percent year-on-year increase.
  
Japanese carmakers have taken a heavy blow from the global economic downturn, which has caused worldwide sales to plunge.
  
Honda was the only one of Japan's top three automakers to post a profit for the last financial year to March, outperforming Toyota and Nissan which suffered heavy losses.

Date created : 2009-10-27

COMMENT(S)