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.

If you liked the article, share on:

Topics: honda, profit

Comments

Recommended

It has been nearly eight years since Toyota entered a new era of sports cars when it officially unveiled the production version of the Toyota 86 – also known as...
by - February 27, 2019
The new Audi TT RS – yes, the top version of the German carmaker’s facelifted TT model series – is now officially here. If you could remember, the range-topping TT...
by - February 18, 2019
Nearly half a year ago when McLaren Automotive unveiled the McLaren 600LT Coupe, the British carmaker is now introducing a version that lets its passengers enjoy the thrill of an...
by - January 25, 2019
German carmaker Volkswagen is now making the latest evolution of the new Volkswagen Golf GTI -- the new Golf GTI TCR. First unveiled as a concept at the annual GTI...
by - January 24, 2019
It has been three and a half years since BMW unveiled the sixth generation of the BMW 7 Series. Thus, it is really about to give the 7 Series a...
by - January 17, 2019