Honda logs 44.3% gain in FY 2020 net profit despite pandemic

Economy

Honda Motor Co. said Friday its net profit jumped 44.3 percent to 657.43 billion yen ($6 billion) in the business year ended March, helped by recovering auto demand and cost-cutting. After marking its first year-on-year gain in three years, Honda has warned that it expects a 10.3 percent drop in net profit in the current business year through March to 590 billion yen amid uncertainty over a global semiconductor shortage. For the fiscal year 2020 ended March, Honda reported an operating profit of 660.21 billion yen, up 4.2 percent, and 13.17 trillion yen in sales, down 11.8 percent.

Kyodo News

Kyodo News