Honda records 20 pct profit rise on yen, despite recalls
TOKYO (AP) — Japanese automaker Honda is seeing a 20 percent jump in fiscal first quarter profit on the back of a cheap yen that offset the damage from a massive air bag recall.
Honda Motor Co. reported Friday April-June net profit of 186 billion yen ($1.5 billion), up from 155.6 billion yen the same period the previous year.
Quarterly sales gained nearly 16 percent to 3.7 trillion yen ($29.9 billion).
The Tokyo-based maker of the Accord sedan and Odyssey minivan has been the hardest hit among automakers from the costs related to a global recall of Takata Corp.'s air bags that can explode.
Results got a boost from healthy sales, especially in North America. The cheap yen, which lifts the overseas earnings of Japanese exporters, also helped. Honda left forecasts unchanged.