Honda Logs 1st Operating, Net Losses for April-June

Economy

Tokyo, Aug. 5 (Jiji Press)--Honda Motor Co. <7267> said Wednesday that it plunged into the red in April-June as demand evaporated due to the novel coronavirus pandemic.

The Japanese company incurred an operating loss of 113,691 million yen in the first quarter of fiscal 2020 and a net loss of 80,871 million yen. It is the first time for Honda to log such losses for the fiscal first quarter.

In April-June 2019, the company posted 252,469 million yen in operating profit and 172,302 million yen in net profit.

In the latest reporting period, Honda’s global automobile sales dropped 40 pct by volume from a year before due to sluggish demand in North America, and sales of its motorcycles plummeted 60 pct because of poor sales in Asia.

Honda’s consolidated sales slumped 46.9 pct to 2,123,775 million yen.

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Jiji Press