Honda profits down 29.5%

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Honda profits down 29.5%

TOKYO (Reuters)

TOKYO (Reuters) – The Japanese company Honda Motor Co. announced on Friday that its net profit from April to June had dropped 29.5 percent from the previous year, to settle at 172 billion yen ($ 1.6 billion), while sales of its cars in the US and Indian markets had declined.
The third Japanese automaker achieved operating profit of 252 billion yen, down 15.7% over the same period last year.
Sales fell 0.7% over the same period to 4 trillion yen.
Honda Motor Co. lowered its profit forecast for the year ended March 31, 2020 to 645 billion yen, compared with previous estimates of 665 billion yen three months ago.
The company has reduced its sales forecast for the current fiscal year to 15.65 billion yen, against 15.7 billion yen in an earlier forecast released in May.
Honda has confirmed its operating profit forecast for the year at 770 billion yen.
Honda plans to sell 5.1 million cars and 20.3 million motorcycles this fiscal year.