Honda posts profits, raises forecast

• Source: Global Times
• [17:38 July 29 2009]
• Comments

Honda Motor Co raised its global car sales forecast to 3.295 million vehicles from 3.210 million, for the year to March 2010.

Though it posted an 88 percent fall in operating profits as demand slumped, Honda is expected to see its earnings improve as production volumes return from low levels seen since late last year.

For the year to March 31 2010, Honda expects an operating profit of 70 billion yen ($739 million) and net profit of 55 billion yen($581 million). Three months ago, it had forecast operating profits of 10 billion yen ($105.64 million) and net profits of 40 billion yen($422.56 million).

Honda made an operating profit of 25.2 billion yen in the April-June quarter, against a profit of 210.5 billion yen a year earlier. It made a net of 7.6 billion yen in the first quarter compared with a profit of 173.4 billion yen a year ago.

Agencies and Shi Jierui contributed to this story