Tokyo – Honda Motor revised up its net profit outlook for the current financial year by 31.3 per cent on Friday thanks to cost-cutting measures and strong sales in China and the U.S.
Honda Motor Co., Ltd. is a Japanese public multinational conglomerate corporation primarily known as a manufacturer of automobiles, aircraft, motorcycles, and power equipment.
The company has raised its net profit forecast to 545 billion yen (4.8 billion dollars) for the year through March from 415 billion yen estimated in October.
Japan’s third-largest car maker also predicted an operating profit of 785 billion yen for the year, up 20.1 per cent from 650 billion yen forecast three months ago, while sales are estimated at 13.8 trillion yen, up from 13.4 trillion yen.
For the October to December period, Honda posted a net profit of 168.8 billion yen, up 35.9 per cent from the same period in 2015, while its operating profit grew 27.4 per cent to 207.7 billion yen.
The car sales were down from 3.2 per cent to 3.5 trillion yen.
“Global vehicle sales in the quarter rose 6.8 per cent from a year earlier to 1.31 million units,’’ the company said.