Q1 profits plunge 88% at Honda
The carmaker reported net profit of ¥31.7bn (€284m), down from ¥274bn (€2.5bn) a year earlier.
Consolidated operating profit fell 90.4% to ¥22.6bn (€203m), which was attributed to lower sales volume and model mix.
Sales in the Automobiles division were down 39.2% for Q1 to 547,000 units from 899,000 for the same period in 2010.
However, due to the recovery of production with the improved parts supply situation, Honda increased its forecasted profit for the 2011 fiscal year by ¥35bn (€314m) to ¥230bn (€2.1bn).For more of the latest industry news, click here.