Business

Honda profits rise four-fold as recovery continues

  • 31 July 2012
  • From the section Business
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Honda was the worst hit of the major Japanese car makers from natural disasters in 2011

Honda Motors has reported a four-fold increase in earnings during the first quarter as it continued to recover from last year's natural disasters.

Net profit was 131.7bn yen ($1.7bn; £1.1bn) in the April to June period, up from 31.7bn yen a year earlier.

Honda's car sales more-than-doubled in the US and Japan during the period and revenue from its motorcycle division also rose.

Natural disasters in Japan and Thailand last year had hit Japanese carmakers.

The firm also kept its forecast of a net profit of 470bn yen for the current financial year unchanged, not least due to a robust performance during the first quarter.

"Although uncertainties concerning economic situation, market trends, and fluctuations in foreign exchange currency remain, after taking the fiscal first quarter financial results into consideration, Honda has not revised its previously announced consolidated financial results forecasts," the firm said.

Honda is Japan's third-biggest carmaker.

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