Honda posts Q1 profit of $79 million

Tackling tough economic conditions and falling sales, the car maker’s first quarter consolidated net income plunged 96 per cent to 7.5 million yen.

In the year-ago period, the auto major had a consolidated net income of 173.3 million yen, it said in a statement on Wednesday.

Noting an increased sales of motorcycles in the first quarter in India and Vietnam, the company said the Indian market for two-wheelers has started to expand.

Net sales and other operating revenues tumbled to two trillion yen for the June quarter as compared to 2.87 trillion in the same period last year. Honda said the 30 per cent decline in consolidated net sales and other operating revenue was primarily due to decreased revenue in the automobile business and unfavorable currency translation. The company’s motorcycle unit sales touched 2,252 thousand units, a fall of 17.1 per cent as compared to the year-ago period.

“The market in Vietnam continues to expand...  Indian market that had retracted started to expand,” it said.

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