Honda Cuts Sales, Profit Outlook Again
Tokyo, Nov. 8 (Jiji Press)--Honda Motor Co. <7267> Friday lowered its consolidated sales and net profit forecasts for the year ending next March, citing the yen's strength and falling vehicle sales.
This marked the second downward revision by the Japanese automaker in its sales and profit outlook for the year, following a cut in August.
The company now forecasts its sales at 15.05 trillion yen, down 600 billion yen from the previous forecast and down 5.3 pct from the previous year's results.
Honda lowered its net profit estimate by 70 billion yen to 575 billion yen, down 5.8 pct from the previous year. Previously, the company had forecast a profit increase.
It now assumes an exchange rate of 107 yen to the dollar for the year, compared with 110 yen projected earlier.
[Copyright The Jiji Press, Ltd.]