Copyright 2019 Hubbard Radio Washington DC, LLC. All rights reserved. This website is not intended for users located within the European Economic Area.
Copyright 2019 Hubbard Radio Washington DC, LLC. All rights reserved. This website is not intended for users located within the European Economic Area.
TOKYO (AP) — Honda has reported a loss for January-March, despite growing sales, as an unfavorable exchange rate, income tax expenses and other costs hurt results.
Honda Motor Co. reported Wednesday a 13 billion yen ($118 million) loss for the fiscal fourth quarter, a reversal from a 107.7 billion yen profit the previous fiscal year.
Quarterly sales rose 3% to 4.05 trillion yen ($37 billion).
For the fiscal year through March, Honda recorded a 610.3 billion yen ($5.5 billion) profit, down 42% on year because of an absence of a U.S. tax break, which boosted earnings the previous year.
Chief Executive Takahiro Hachigo announced Honda will streamline its product offerings, consolidating model variations, and increase parts-sharing to cut costs.
He said the first model developed under the new “architecture” will launch next year.
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