Honda Motor’s First-Half Net Profit Climbs 82% on Motorcycle, Auto Operations

By Ronnie Harui

Honda Motor’s net profit climbed sharply in the first half of its fiscal year, thanks to its highly profitable motorcycle operations and substantially improved profitability of its automobile operations.

Net profit rose to 616.30 billion yen ($4.08 billion) in the April-September period, 82% higher compared with the same period a year earlier, the Japanese automaker said Thursday. That was below the estimate of Y628.92 billion from a poll of analysts by Quick. Sales revenue increased to Y9.61 trillion from Y8.09 trillion.

Operating profit for its automobile business jumped to Y301.3 billion in the first half from Y63.5 billion a year earlier, while operating profit for its motorcycle business rose to Y253.3 billion from Y224.7 billion a year earlier.

Honda Motor raised some of its earnings projections for the fiscal year ending March 2024. It expects operating profit of Y1.2 trillion versus Y1.0 trillion forecast previously and net profit of Y930 billion compared with Y800 billion estimated earlier.

Write to Ronnie Harui at [email protected]

(END) Dow Jones Newswires

November 09, 2023 02:29 ET (07:29 GMT)

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