2 Aug 2011

Q1 profits down at Honda

8:04 am on 2 August 2011

Honda Motors has reported an 88% plunge in first-quarter profits after the earthquake and tsunami in Japan on 11 March.

Honda said it made a net profit of 31.7 billion yen ($US408 million) compared with 274 billion yen a year earlier.

Production at the carmaker slowed due to a shortage of parts after the twin disasters disrupted its supply chain.

However, in a sign that conditions are improving, Honda raised its full-year earnings forecast by 35%.