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Honda sees 63% jump in profits as recovery continues Honda sees quarterly profits rise but cuts annual forecast
(35 minutes later)
Japan's Honda Motor has reported a 63% jump in profits, thanks in part to a recovery in sales in the US market. Japan's Honda has reported a jump in third-quarter profits as US sales recover, but cut its annual forecast as sales in China and Europe drop.
The carmaker made a net profit of 77.4bn yen ($851m; £538m) in the final three months of 2012, up from 47.6bn yen in the same period a year earlier. Honda's profits hit 77.4bn yen ($851m; £538m) in the last quarter of 2012, up from 47.6bn yen a year earlier.
The firm said its profits were also boosted by a continued recovery from the floods in Thailand in 2011. The firm said profits had also been boosted by a continued recovery from the floods in Thailand in 2011.
The floods meant production at its factories in Thailand had to be stopped, which affected sales. However, it cut its full-year profit forecast to 370bn yen, compared with its previous projection of 375bn yen.
However, the firm has recovered from that setback, as well as from the earthquake and tsunami that hit Japan in March 2011. It is the second time in a space of four months that the firm has lowered its full-year profit forecast. In October, Honda had cut its projection to 375bn yen from its earlier forecast of 470bn yen.
Earlier this week, it reported record sales of 3.82 million vehicles for 2012, a jump of 19% from a year earlier.
Growth hurdlesGrowth hurdles
Natural disasters in Thailand and Japan in 2011 had halted production Honda's factories and impacted its sales.
However, it has seen a steady recovery since then. Earlier this week, it reported record sales of 3.82 million vehicles for 2012, a jump of 19% from a year earlier.
But the firm is also facing some growth hurdles, not least from the continuing sovereign debt crisis in the eurozone.But the firm is also facing some growth hurdles, not least from the continuing sovereign debt crisis in the eurozone.
The crisis has hurt region's growth and dented sentiment resulting in a drop in consumer demand in the region's countries.The crisis has hurt region's growth and dented sentiment resulting in a drop in consumer demand in the region's countries.
That has, in turn, affected demand for Japanese goods in the region.That has, in turn, affected demand for Japanese goods in the region.
Honda's sales to Europe dipped 87% in the October to December quarter, from a year earlier.Honda's sales to Europe dipped 87% in the October to December quarter, from a year earlier.
At the same time, the firm has also been hit by the territorial dispute between Japan and China.At the same time, the firm has also been hit by the territorial dispute between Japan and China.
The spat, which flared up in September last year, resulted in protests in China which targeted Japanese brands. That has resulted in a drop in Honda's sales to China, the world's biggest car market.The spat, which flared up in September last year, resulted in protests in China which targeted Japanese brands. That has resulted in a drop in Honda's sales to China, the world's biggest car market.
The carmaker said its sales to China dipped 68% in the three months to the end of December, from a year earlier.The carmaker said its sales to China dipped 68% in the three months to the end of December, from a year earlier.
As it grapples with these issues in two key markets, Honda has lowered its profit forecast for the full year.
Honda said it now expected net profit for the financial year ending 31 March 2013 to come in at 370bn yen, compared with its previous projection of 375bn yen.
It is the second time in a space of four months that the firm has lowered its full-year profit forecast. In October, Honda had cut its projection to 375bn yen from its earlier forecast of 470bn yen.