Honda's net profit for the first half of the 2023 fiscal year rises

According to the Japanese firm's statement, Honda announced its financial results for the April-September period of the 2023 fiscal year, as well as its expectations and targets for the second half of the fiscal year.

Honda's net profit for April-September 2023 rose by 82.1 percent compared to the same period of the previous fiscal year, reaching 616.3 billion yen (4 billion dollars).

Sales revenue increased by 18.9 percent to 9.61 trillion yen (63.4 billion dollars), while operating profit rose by 53.6 percent to 696.5 billion yen (4.6 billion dollars).

The manufacturer also updated its full-year fiscal expectations due to the depreciation of the Japanese yen against foreign currencies and the easing of parts supply issues.

Accordingly, Honda estimates that its net profit will rise by 42.8 percent compared to the 2022 fiscal year, reaching 930 billion yen (6.2 billion dollars).

Full-year sales revenue is projected to be 20 trillion yen (132 billion dollars), and operating profit is expected to be 1.2 trillion yen (7.9 billion dollars).

In his statement, Honda Executive Vice President Shinji Aoyama noted that they are focusing on electric vehicle (EV) competition in the Chinese market and will launch new EV models after 2024.

News Source: AA