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Abu Dhabi, UAESunday 24 June 2018

Honda raises forecast as profit rises

Asian sales of cars and motorcycles helped offset a slide in North American demand

Honda cars at the firm's headquarters in Tokyo. The car maker's earnings beat expectations. Toru Yamanaka / AFP
Honda cars at the firm's headquarters in Tokyo. The car maker's earnings beat expectations. Toru Yamanaka / AFP

Honda Motor posted a 0.9 per cent rise in operating profit for the first quarter as strong Asian sales of cars and motorcycles helped offset a slide in North American demand, while a positive currency impact also aided the bottom line.

Operating profit at Japan's third-largest car maker came in at ¥269.2 billion (Dh8.96bn) in April-June, up from ¥266.84bn a year ago and above estimates for ¥230.43bn from seven analysts polled by Reuters.

Honda raised its forecast for full-year operating profit to ¥725bn, from a previous forecast of ¥705bn, as it expects a smaller negative currency impact. It now expects the US dollar to average around ¥107 through March, from a previous forecast of ¥105 yen.

* Reuters