Honda reports profit drop on yen, declining US, India sales | Auto & Travel News

1 min readTokyoAug 2, 2019 02:01 PM IST

Tokyo-based Honda Motor Co.’s April-June profit totaled 172.3 billion yen ($1.6 billion), down from 244.3 billion yen.

Japanese automaker Honda reported Friday a 29 per cent decline in fiscal first quarter profit as an unfavorable currency exchange and declining auto sales in the US and India hurt earnings.

Tokyo-based Honda Motor Co.’s April-June profit totaled 172.3 billion yen ($1.6 billion), down from 244.3 billion yen.

Quarterly sales dipped 0.7% to nearly 4 trillion yen ($37 billion).

Honda, which makes the Accord sedan, Odyssey minivan and Asimo robot, said both auto and motorcycle sales declined during the quarter on-year.

Honda lowered its profit forecast for the fiscal year through March 2020 to 645 billion yen ($6 billion), down from an earlier forecast of 665 billion yen ($6.2 billion).

But the latest projection is better than the 610 billion yen Honda earned the previous year.