Strong quarterly results for Honda
Car manufacturer Honda has announced a 42.1% increase in sales during its first fiscal quarter of the year(April 1 – June 30, 2012), compared to the same period last year, amounting to 2,435.9bn yen (£20.1bn).
Revenue before income taxes amounted to £1.6bn, almost seven times greater than the same period last year. Consolidated net income amounted to £1.08bn, more than four times greater than the same period last year.
The news comes as Honda is set to put some of its Swindon staff on limited working hours leading up to Christmas.
A spokesman for the company said: "Whilst production and profit were severely affected by external factors during the last fiscal year, Honda continues to display a solid constitution and is planning a strong recovery during this current year.
Despite some uncertainties in the economic climate and market trends, as well as the fluctuation of currency exchange rates, Honda’s previously announced forecast for consolidated financial results for the current fiscal year ending 31 March 2013 will remain unchanged from the previously advised JPY £5.1bn."
Honda further plans to set a record high with annual automobile sales of 4.3m units. This will be driven by new model changes for major models and the expansion of production capacity at production plants in North America and China.