Subscribe free to our newsletters via your
. 24/7 Space News .




CAR TECH
Honda 9-month net profit falls 71%, cuts forecasts
by Staff Writers
Tokyo (AFP) Jan 31, 2012


Honda Motor's net profit for the nine months to December slumped by almost three-quarters from the previous year due to Japan's March disasters, huge floods in Thailand, and the high yen, it said Tuesday.

Net profit for the period fell 71.4 percent to 139.89 billion yen ($1.84 billion) from 489.53 billion yen, Honda said.

Sales were down 17.6 percent to 5.54 trillion yen and operating profit fell 77.2 percent to 119.39 billion yen.

Japanese automakers, including Honda, saw extensive damage to their supply chains as a result of the March earthquake and tsunami in Japan, and flooding in Thailand in the autumn.

A high yen, standing at 76.30 to the dollar Tuesday compared with 82.20 a year ago, also ate into exporters' sales and profits.

A strong currency makes it harder for domestically made vehicles to be competitive overseas, while Japanese automakers' overseas earnings are eroded when repatriated.

Honda's operating profit fell due primarily to a decrease in sales, a lift in fixed costs, rising raw material prices and the high yen.

Its mainstay global automobile sales dropped 19.0 percent in volume, more than offsetting increased motorcycle sales in Asia, South America and other regions and depressing overall earnings.

The company, which had previously held off giving forecasts for the year to March due to uncertainty related to the Thai flooding, said it expected annual net profit to fall to 215 billion yen, down 59.7 percent from the previous year.

Annual operating profit is expected at 200 billion yen, down 64.9 percent from a year ago, on sales of 7.85 trillion yen, down 12.2 percent.

It cut its global full-year automobile sales forecast by more than eight percent, from 3.435 million vehicles to 3.15 million.

The Thai flooding alone is seen to have depressed annual sales by an estimated 260,000 units, cutting operating profit by 110 billion yen.

Thailand's worst flooding in decades has forced Japan's automakers to halt or slow production in Asia and beyond.

Honda has idled operations since early October at its four-wheel vehicle factory in Ayutthaya, central Thailand, but expects to restart the plant from late March.

-- Dow Jones Newswires contributed to this report --

.


Related Links
Car Technology at SpaceMart.com






Comment on this article via your Facebook, Yahoo, AOL, Hotmail login.

Share this article via these popular social media networks
del.icio.usdel.icio.us DiggDigg RedditReddit GoogleGoogle




Memory Foam Mattress Review
Newsletters :: SpaceDaily :: SpaceWar :: TerraDaily :: Energy Daily
XML Feeds :: Space News :: Earth News :: War News :: Solar Energy News





CAR TECH
China car maker SAIC says 2011 profit surged
Shanghai (AFP) Jan 31, 2012
China's SAIC Motor, the largest domestic auto maker, said Tuesday that unaudited net profit rose more than 40 percent last year, despite an overall slowdown in the world's biggest car market. SAIC gave no net profit figure for 2011 in a statement to the Shanghai stock exchange, but said net profit was 13.73 billion yuan ($2.18 billion) in 2010. The Shanghai-based company, which has joint ... read more


CAR TECH
A Moon Colony by 2020

U.S. Presidential Hopeful Promises Moon Base by 2020

Moon looms bright over Republican debate

Rocket Man: Gingrich peddles space dreams in Florida

CAR TECH
Mars Rover Science Investigations Continue as Solar Energy Levels Drop

Russia blames 'cosmic rays' for Mars probe failure

Mars Orbiter Shows Wind's Handiwork

Durable NASA Rover Beginning Ninth Year of Mars Work

CAR TECH
Romney sees launchers fueled by private enterprise

First US chief technology officer stepping down

NASA Moves Closer to Planetary Landing Demo Capability on Earth with Draper's GENIE

Toronto teens send Lego man into space: video

CAR TECH
China's satellite navigation sector annual output predicted to reach 35 bln USD in 2015

China plans to launch 21 rockets, 30 satellites this year

Shenzhou 9 Behind the Curtain

China Plans to Launch 30 Satellites in 2012

CAR TECH
Russia to postpone next manned space launches

Russian cargo vessel arrives at space station

Russia Orbits Chibis Microsatellite

Russian Space Freighter to be Buried in Pacific

CAR TECH
Launch of Proton-M with Dutch Satellite Postponed

First Vega rocket assembled on launch pad

Ukraine, Russia to Launch 2 Dnepr Carrier Rockets in 2012

Russia Plans to Launch U.S. Satellite in February

CAR TECH
On-again/off-again 'planet' elusive

NASA's Kepler Announces 11 Planetary Systems Hosting 26 Planets

NASA's Kepler confirms 26 new planets

Earth's Cloudy Past Could Reveal Exoplanet Details

CAR TECH
Three SOPS LEO team snares first operating turn

ISS Orbit Raised to Avoid Collision with Space Junk

Publicity and Panic for Satellite Re-Entries

Congolese inventor puts African tablet on sale




The content herein, unless otherwise known to be public domain, are Copyright 1995-2014 - Space Media Network. AFP, UPI and IANS news wire stories are copyright Agence France-Presse, United Press International and Indo-Asia News Service. ESA Portal Reports are copyright European Space Agency. All NASA sourced material is public domain. Additional copyrights may apply in whole or part to other bona fide parties. Advertising does not imply endorsement,agreement or approval of any opinions, statements or information provided by Space Media Network on any Web page published or hosted by Space Media Network. Privacy Statement