Honda profits fall as strong yen hits exports

Japanese auto manufacturer Honda has reported a 40% drop in third-quarter profits after overseas sales were hit by the strong yen.

Honda generated net profits of 81.1bn yen ($989m; £623m), down from 134.6bn yen the year before.

 

Honda has raised its full-year profit forecast

The firm also blamed poor sales in Japan, which have been hit by the end of government incentives to encourage more people to buy green cars.

However, Honda raised its full-year net profit forecast to 530bn yen.

The carmaker believes that a recovery in the US car market should boost sales.

Honda also said the growing sales in emerging markets during the third quarter helped it to offset the loss of revenue from more mature markets

Posted in: World News