Honda’s profit doubles on weak yen, strong salesBy AP News Apr 25, 2014 5:38PM UTC
TOKYO (AP) — Honda’s profit for the fiscal fourth quarter zoomed to more than double the previous year’s as the benefits of a weak yen added to strong sales.
Honda Motor Co. said Friday that January-March net profit totaled 170.5 billion yen ($1.67 billion), up from 75.7 billion yen the same period the previous year.
Quarterly sales surged 13 percent to 3.097 trillion yen ($30 billion).
The automaker sold nearly 1.2 million vehicles during the quarter, helped by purchases by Japanese seeking to beat a sales-tax rise on April 1.
The Tokyo-based maker of the Odyssey minivan, Accord sedan and Asimo robot expects to sell 4.83 million vehicles globally for the fiscal year ending March 2015.
It forecast a 21 percent rise in annual profit to 595 billion yen ($5.8 billion).