Honda first-half net profit slumps 19 per cent

Tokyo: Japanese carmaker Honda said on Friday its first-half net profit dropped 19 per cent on negative currency exchange rates and falling motorcycle sales, slightly revising down profit forecasts for the full year.
For the April-September period, Honda posted net profit of 368.85 billion yen ($3.38 billion), down 19 per cent from a year earlier, as sales slipped 1.8 per cent to 7.725 trillion yen.
For the full year to March, Honda now expects 575 billion yen net profit on sales of 15.05 trillion yen, compared with 645 billion yen net profit on sales of 15.65 trillion yen in the previous forecast.
The company however said operating profit, “excluding currency effects and one-time issues, increased 50.0 billion yen compared with the same period last year” due to cost-cutting efforts. — AFP