TOKYO (AP) — Honda swung into the black in January-March, recording a 213 billion yen ($2 billion) profit despite the lingering impact of the pandemic.
The results, released Friday, marked a reversal from 29.5 billion yen in red ink Honda Motor Co. racked up in the same quarter last year. Quarterly sales rose nearly 5% to 3.6 trillion yen ($33 billion).
Tokyo-based Honda’s profit for the fiscal year that ended in March totaled 657.4 billion yen ($6 billion), up 44% from the previous fiscal year.
Annual sales slipped nearly 12% to 13.2 trillion yen ($121 billion), but cost cuts helped support its bottom line. The results were better than Honda’s internal forecasts.
Nissan Motor Co., whose brand has suffered over a scandal involving its former star executive Carlos Ghosn, is trimming its losses but expects to remain in the red for the fiscal year through March 2022.
Yuri Kageyama is on Twitter https://twitter.com/yurikageyama