6 Major Japan Automakers See Improved Earnings in April-June

Tokyo, Aug. 5 (Jiji Press)--Six of seven major Japanese automakers reported improved consolidated earnings for April-June, recovering from lower profits or net losses recorded a year earlier due to the impact of the U.S. high tariff policy, according to their latest earnings reports released by Wednesday.

Notably, Toyota Motor Corp.'s net profit jumped 75.6 pct from a year before to 1,477 billion yen, topping 1 trillion yen for the first time in two years in an April-June quarter.

While Honda Motor Co. posted a roughly 2.3-fold increase in net profit, Nissan Motor Co. and Mazda Motor Corp. returned to profit after reporting net losses a year earlier.

The major automakers, excluding Subaru Corp., posted improved earnings partly thanks to a reduction in tariffs imposed by U.S. President Donald Trump's administration based on a Japan-U.S. agreement, as well as a weaker-than-expected yen. Robust vehicle sales in North America and Japan also contributed to their earnings.

The momentum of rising raw materials prices amid tensions in the Middle East "slowed somewhat in June and didn't increase as much as expected," Honda's Chief Financial Officer Masao Kawaguchi said.

[Copyright The Jiji Press, Ltd.]