Honda Posts 41.5% Profit Decline In January-March Period

Japanese multinational firm Honda Motor Company saw its profit decline in the January-March period of this year, according to a financial results statement released on Friday.

Profit attributable to owners of the parent company fell to 124.8 billion yen ($970 million) for the period ending March 31, which is the fiscal fourth quarter for the firm.

This marked a 41.5% decline from 213.3 billion yen from the same period of last year.

Operating profit declined 6.4% to 199.5 billion yen, from 213.2 billion yen, year-on-year.

Honda pointed to hurdles such as the resurgence of COVID-19, and said the decline in automobile unit sales was due to the semiconductor supply shortage and an increase in the cost of raw materials.

For next year's quarter ending March 31, 2023, the company said it estimates profit attributable to owners at 710 billion yen, and expects operating profit climbing to 810 billion yen. -