Japanese automaker Honda reports lower profits as China sales decline

Date:

Share post:


Honda said its profits slipped nearly 20% in the first half of the fiscal year from the same period the previous year, as sales suffered in China, the Japanese automaker

TOKYO — Honda’s profits slipped nearly 20% in the first half of the fiscal year from the same period the previous year, as sales suffered in China, the Japanese automaker said Wednesday.

Honda Motor Co.’s April-September profits totaled 494.68 billion yen ($3.2 billion), declining from 616 billion yen for the same period the previous year, on 10.8 trillion yen ($70.5 billion) in sales, up from 9.6 trillion yen.

Although Honda sold more motorcycles globally in the first fiscal half, boosted by healthy demand in Asia, its car sales fell, especially in China, company officials told reporters.

Warranty costs and expenses related to quality problems, as well as higher incentives, also chipped away at Honda’s profits, while foreign exchange fluctuations added drag, according to Tokyo-based Honda. The company did not break down quarterly numbers.

Honda lowered its profit forecast for the fiscal year through March by 50 billion yen ($330 million) to 950 billion yen ($6.2 billion).

That’s lower than the 1.1 trillion yen ($7.2 billion) Honda earned last fiscal year.

Domestic rival Toyota Motor Corp. reported a drop in profit earlier in the day. Nissan Motor Co. reports earnings Thursday.

Honda stock dove 6.5%, while Toyota issues gained 1.7%.

___

Yuri Kageyama is on X: https://x.com/yurikageyama



Source link

Lisa Holden
Lisa Holden
Lisa Holden is a news writer for LinkDaddy News. She writes health, sport, tech, and more. Some of her favorite topics include the latest trends in fitness and wellness, the best ways to use technology to improve your life, and the latest developments in medical research.

Recent posts

Related articles

Penn State wins trademark case over retailer's use of vintage logos, images

WILLIAMSPORT, Pa. -- Penn State has won a closely watched trademark fight over an online retailer's use...

What you need to know about the proposed measures designed to curb Google's search monopoly

U.S. regulators are proposing aggressive measures to restore competition to the online search market after a federal...

Average rate on a 30-year mortgage in the US rises to highest level since July

The average rate on a 30-year mortgage in the U.S. edged closer to 7% this week as...

The biggest remaining unsanctioned Russian bank hit with U.S. sanctions, nearly three years into war

WASHINGTON -- Russia's third largest bank, Gazprombank and its six foreign subsidiaries were hit with U.S. sanctions...

Kenya cancels airport and energy deals with Adani group after the U.S. indicts the tycoon

NAIROBI, Kenya -- Kenya’s president said Thursday he has cancelled multimillion-dollar airport expansion and energy deals with...

North Korea and Russia agree to expand their economic cooperation

SEOUL, South Korea -- North Korea and Russia reached a new agreement for expanding economic cooperation following...

Stock market today: Asian shares mostly slip despite Nvidia's solid earnings report

TOKYO -- Asian shares were mostly lower on Thursday after a mixed close on Wall Street, with...

Feds outline 'necessary steps' for Colorado River agreement by 2026 but no recommendation yet

LAS VEGAS -- Federal water officials made public on Wednesday what they called “necessary steps” for seven...