Honda reports profit drop on yen, declining US, India sales

August 02, 2019 - 2:35 am

TOKYO (AP) — Japanese automaker Honda has reported a 29% decline in fiscal first quarter profit as an unfavorable currency exchange and declining auto sales in the U.S. and India hurt earnings.

Tokyo-based Honda Motor Co. reported Friday its April-June profit totaled 172.3 billion yen ($1.6 billion), down from 244.3 billion yen.

Quarterly sales dipped 0.7% to nearly 4 trillion yen ($37 billion).

Honda, which makes the Accord sedan, Odyssey minivan and Asimo robot, said both auto and motorcycle sales declined during the quarter on-year.

Honda lowered its profit forecast for the fiscal year through March 2020 to 645 billion yen ($6 billion), down from an earlier forecast of 665 billion yen ($6.2 billion).

But the latest projection is better than the 610 billion yen Honda earned the previous year.

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