Analog
Lifer
TOKYO -- Honda Motor Co., Japan's third-largest automaker, reported a record profit for its fiscal half-year Thursday -- up 1 percent from a year ago -- on the back of strong sales around the world, especially in North America.
At a time when American automakers General Motors Corp. and Ford Motor Co. have been struggling, rapidly losing market share to the Japanese, Honda marked strong global vehicle sales, totaling 1.67 million vehicles for the first half, up 7 percent from the same period a year ago.
Surging oil prices, which have generally battered car sales, are a bit of a blessing for the Japanese, which made their fame on fuel-efficient cars.
Honda's first-half profit totaled 244.3 billion yen ($2.1 billion) for the six months ended Sept. 30, up from 241.3 billion yen the same period a year ago. Fiscal half-year sales jumped 10 percent to 4.6 trillion yen ($39.7 billion) from 4.17 trillion yen a year earlier.
For the July-September quarter, the maker of the Accord passenger cars posted a profit of 133.7 billion yen ($1.2 billion), up 5.2 percent from 127.1 billion yen a year earlier.
Sales in the quarter grew 12 percent to 2.34 trillion yen ($20 billion) from 2.09 trillion yen, it said.
Honda revised its full year forecast to 490 billion yen ($4.2 billion) profit, up from its earlier forecast for 470 billion yen ($4 billion) profit, which would be a record high for Honda for the fifth straight year. The Tokyo-based manufacturer also revised its full-year sales outlook to 9.6 trillion yen ($83 billion). It had projected sales of 9.4 trillion yen ($81 billion) in July.
A weaker yen also helped boost Honda's earnings, along with cost cuts that offset research expenses, it said in a statement. The dollar has been trading at about 115 yen lately, up from below 110 yen a year ago.
Honda is likely to lead a pack of other healthy earnings reports from Japanese automakers, including Nissan Motor Co. on Friday, and Toyota Motor Corp. next week.
Toyota leads the world in hybrid technology with its successful Prius model, which delivers an efficient ride by switching back and forth between a gasoline engine and electric motor as well as recharging the battery with its ride.
Honda shares, which have been gradually rising over the past year, edged down 0.6 percent to close at 6,360 yen ($55). http://www.detnews.com/2005/autosinsider/0510/27/01-363355.htm
At a time when American automakers General Motors Corp. and Ford Motor Co. have been struggling, rapidly losing market share to the Japanese, Honda marked strong global vehicle sales, totaling 1.67 million vehicles for the first half, up 7 percent from the same period a year ago.
Surging oil prices, which have generally battered car sales, are a bit of a blessing for the Japanese, which made their fame on fuel-efficient cars.
Honda's first-half profit totaled 244.3 billion yen ($2.1 billion) for the six months ended Sept. 30, up from 241.3 billion yen the same period a year ago. Fiscal half-year sales jumped 10 percent to 4.6 trillion yen ($39.7 billion) from 4.17 trillion yen a year earlier.
For the July-September quarter, the maker of the Accord passenger cars posted a profit of 133.7 billion yen ($1.2 billion), up 5.2 percent from 127.1 billion yen a year earlier.
Sales in the quarter grew 12 percent to 2.34 trillion yen ($20 billion) from 2.09 trillion yen, it said.
Honda revised its full year forecast to 490 billion yen ($4.2 billion) profit, up from its earlier forecast for 470 billion yen ($4 billion) profit, which would be a record high for Honda for the fifth straight year. The Tokyo-based manufacturer also revised its full-year sales outlook to 9.6 trillion yen ($83 billion). It had projected sales of 9.4 trillion yen ($81 billion) in July.
A weaker yen also helped boost Honda's earnings, along with cost cuts that offset research expenses, it said in a statement. The dollar has been trading at about 115 yen lately, up from below 110 yen a year ago.
Honda is likely to lead a pack of other healthy earnings reports from Japanese automakers, including Nissan Motor Co. on Friday, and Toyota Motor Corp. next week.
Toyota leads the world in hybrid technology with its successful Prius model, which delivers an efficient ride by switching back and forth between a gasoline engine and electric motor as well as recharging the battery with its ride.
Honda shares, which have been gradually rising over the past year, edged down 0.6 percent to close at 6,360 yen ($55). http://www.detnews.com/2005/autosinsider/0510/27/01-363355.htm
