Honda profit jumps on cost cuts, absence of recall expenses

by Dramelin 1:00 AM 0 comments

Honda had earlier expected a 415 billion yen ($3.6 billion) annual profit. Quarterly sales edged down 3 percent to 3.5 trillion yen ($31 billion) from 3.6 trillion yen. Tokyo-based Honda Motor Co. reported Friday cost cuts lifted fiscal third quarter profit to 168.8 billion yen ($1.5 billion), up from 124.1 billion yen the previous year. That was up 58 percent from 344.5 billion yen a year ago, when Honda was hit by expenses for recalls over Takata air bags. Honda says profit jumped 36 percent October-December on year, shrugging off damage from a strong yen, and the Japanese automaker raised its annual forecast.