Honda net profit surges 18% for fiscal second quarterOctober 28, 2014 - 12:17 AMT PanARMENIAN.Net - Honda's net profit for the July-September quarter surged nearly 18 percent but the Japanese automaker lowered its earnings forecast for the full year Tuesday, Oct 28, pointing to difficulties in China and its home Japan market, the Associated Press reports. Honda Motor Co. reported a 141.8 billion yen ($1.3 billion) profit for the fiscal second quarter, up from 120 billion yen a year earlier. Sales edged up 4 percent to 3.015 trillion yen ($27.9 billion), helped by a weak yen, which added 123 billion yen ($1.1 billion) to net sales and other operating revenue. Like several other automakers, Honda's usually pristine image for quality is being clouded by a massive recall spanning 12 million vehicles worldwide related to faulty inflators in air bags made by Japanese supplier Takata Corp. Honda was among Takata's biggest customers. Tokyo-based Honda lowered its profit forecast for the year ending March 2015 to 565 billion yen ($5.2 billion) from 600 billion yen, citing sales woes in Japan and China. The maker of the Fit subcompact, Odyssey minivan and Asimo robot had earned 574 billion yen the previous fiscal year. The dollar had cost about 100 yen the previous fiscal year, but Honda expects it to average about 104 yen this fiscal year. It stood at about 108 yen Tuesday. A sales tax hike in Japan in April has crimped auto purchases here, although sales were inflated right before the rise. Honda sold fewer vehicles in North America for the quarter, but its sales in Europe and Asia, outside Japan, improved year-on-year, where new models were popular. Overall, Honda sold 1.07 million vehicles for the fiscal second quarter, up from 1.05 million the same period a year earlier. Honda's motorcycle unit also did well for the quarter, boosting sales in India, Indonesia and Vietnam, while selling fewer units in Japan and North America compared with the previous year. Honda expects to sell fewer vehicles for the fiscal year, at 4.6 million vehicles, down from the previous forecast for 4.8 million vehicles. But the new projection is still above the 4.3 million vehicles sold the last fiscal year. Related links: Top stories Yerevan has dismissed Turkey’s demand to shut down the Armenian nuclear power plant as “inappropriate”. Armenia will loan 2.9 billion drams to Nagorno Karabakh (Artsakh), according to a draft government decision. The Ministry of Ecology and Natural Resources of Azerbaijan has “strongly condemned” Armenia’s decision. Kerobyan has said that for the first time in the history of Armenia, the volume of foreign direct investments amounted to about $1 billion. Partner news | Armenian delegation participating in NATO PA session The delegation is headed by Andranik Kocharyan, the chairman of the standing committee on defense and security matters. Schengen visa cost won’t change for Armenia – diplomat The increase in the cost of a Schengen visa will not apply to citizens of Armenia, a Foreign Ministry spokesperson has said. Azerbaijan's defense spending set to increase by 11% Azerbaijan's spending on defense and national security will increase by 11%, according to a fresh bill. Armenian PM’s helicopter makes emergency landing in Vanadzor The helicopter transporting Armenian Prime Minister Nikol Pashinyan made an emergency landing in Vanadzor. |