Honda cuts earnings projections for fiscal 2008
Honda Motor Co on Friday revised downward its earnings forecast for fiscal 2008 that ends in March after suffering from the yen's surge against other currencies and sluggish auto sales due to the global recession, reported dpa.
Japan's second largest automaker after Toyota Motor Corp said it expected a net profit of 80 billion yen (888.83 million dollars) for the full year, down from 185 billion yen it projected in December.
Honda's operating profit for the full year was to fall 85.3 per cent to 140 billion yen and sales to drop 15.9 per cent to 10.1 trillion yen, the automaker said.
Honda also reported earnings results for the three months through December, with an operating profit of 102.4 billion yen, down 62.9 per cent, and a net profit of 20.2 billion yen, down 89.9 per cent from the previous year.
Sales fell 16.8 per cent to 2.53 trillion yen in the October-December period.