Don't miss

Replay


LATEST SHOWS

EYE ON AFRICA

Seven African countries' economies at risk over Brexit decision

Read more

THE DEBATE

Britain votes out: What next?

Read more

#TECH 24

The 'fintech' revolution

Read more

FRANCE IN FOCUS

A certified 'palace': How hotels strive for excellence

Read more

#THE 51%

In her own image: Women in Art

Read more

REPORTERS

World War I: When northern France was on German time

Read more

REVISITED

Video: Ugandan city still scarred by Lord's Resistance Army atrocities

Read more

MEDIAWATCH

#Brexit sparks a storm on social media

Read more

BUSINESS DAILY

Markets, pound plunge on Brexit vote

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)