Japanese car giant Honda quadruples profits
Tuesday 31 July 2012
Japanese car giant Honda said April-June profits quadrupled to 131.7 billion yen (£1.07 billion) as it bounced back from last year's natural disasters.
The Tokyo-based company, which makes the Fit subcompact, Odyssey minivan and Asimo walking robot, reported a 42% surge in quarterly sales to 2.44 trillion yen (£19.8 billion).
The earthquake and tsunami in north-eastern Japan and the flooding in Thailand last year disrupted parts supplies and production for all Japanese car-makers.
Honda said solid sales offset the damage from the strong yen, which erodes overseas earnings, as well as higher research expenses.
It stuck to its forecast of 470 billion yen (£3.8 billion) profit for the fiscal year through March 2013. That would be double what it earned last year.
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