Honda Posts 29.5-B.-Yen Net Loss in Jan.-March

Economy

Tokyo, May 12 (Jiji Press)--Honda Motor Co. <7267> said Tuesday it posted a consolidated net loss of 29,542 million yen in January-March, compared with the year-before loss of 13,023 million yen.

It is the second consecutive year that the major Japanese automaker has incurred a net loss for the quarter.

The loss reflects a decline in automobile sales due to the COVID-19 pandemic. Global auto demand fell due to people staying home, with major markets such as the United States and China seeing sluggish sales.

Global vehicle sales during the January-March period fell 28.1 pct from a year before to 981,000 units.

The automaker's operating balance was in the red, posting a loss of 5,617 million yen, against the year-before profit of 42,365 million yen. Due to the coronavirus pandemic, the balance is estimated to have worsened by 129.8 billion yen.

[Copyright The Jiji Press, Ltd.]

Jiji Press