Honda posts JPY75.7 billion net profit in quarter ended March 31

Article by Anita Panait, on April 27, 2013

Honda Motor Co. logged a 6.6-percent hike in net profit in the quarter ended March 31, 2013 to JPY75.7 billion ($760.88 million), boosted by strong sales of its Accord and CR-V models in the United States as well by the drastic weakening of the Japanese yen. The yen has depreciated by around 14 percent against the dollar since the start of 2013, thereby helping carmakers offer cheaper export vehicles and convert overseas profits into yen at a more favorable rate. Honda posted a 5.5-percent surge in sales in the US in the quarter to 337,651 units, according to industry researcher Autodata Corp.

Honda executive vice president Tetsuo Iwamura remarked that the Japanese carmaker is targeting to surpass this year the US sales record it posted in 2007 at 1.55 million vehicles. Honda posted a 36-percent jump in US deliveries of its Accord best-seller in March 2013, outselling the Toyota Camry in the mid-size sedan segment.

Honda, however, saw its operating income from North America fell 65 percent to JPY29 billion in the quarter, thereby missing the JPY61.2 billion average analyst estimate. Honda chief executive Takanobu Ito is aiming for annual global car sales of 6 million units by end-March 2017, compared with a record 4.01 million in the previous fiscal year.

The Japanese carmaker is aiming to sell a record number of vehicles in 2013, as the weakening yen and growing demand in the US help it offset the declining sales in China, where consumers are boycotting Japanese products due to a current territorial row with Japan.

Topics: honda, profit

If you liked the article, share on:

Comments

Recommended

The first time Porsche revealed the Panamera Sport Turismo to the public was during the 2017 Geneva Motor Show earlier this year. And now it has already entered production, and...
by - July 27, 2017
Autocar has got some juicy rumours for us regarding a new McLaren hypercar. The British publication has inside sources claiming that a new model will be added to the Ultimate...
by - July 27, 2017
Ferrari has recently launched the New Power15 extended warranty program. The company developed this program in response to the notion that supercars are very expensive to maintain. Truth be told,...
by - July 27, 2017
The UK it seems is about to take the same road as its neighbouring country France by banning sales of petrol and diesel vehicles beginning 2040. As reported by The...
by - July 27, 2017
What has BMW been up to lately? The company recently announced that they are currently focusing on electrification, and so far, their new architecture will enable “electrification of every model...
by - July 26, 2017
Facebook

Youtube Channel

Tip Us
Do you have a tip for us?
Did you film an important event?
Contact us
Newsletter
Subscribe to our newsletter!
Subscribe
Galleries