Japanese automaker Honda reports booming profit on sales growth, weak yen

TOKYO (AP) — Honda’s profit for the fiscal year through March jumped 70% as vehicle sales grew and a weak yen buoyed overseas earnings, the Japanese automaker reported Friday.

Annual profit at Tokyo-based Honda Motor Co. totaled 1.1 trillion yen ($7 billion) as sales surged nearly 21% to 20.4 billion yen ($131 million).

Weaker sales in China were offset by strong demand in the U.S. market.

Honda sold more than 2.8 million vehicles globally, up from 2.3 million a year earlier, with sales growing in Japan, the U.S. and Europe.

The maker of the Accord sedan and CR Electric Proto motorcycles was less optimistic about this fiscal year, forecasting that its profit will decline nearly 10% to 1 trillion yen ($6.4 billion), as research and development spending was expected to increase to nearly 1.2 trillion yen ($7.7 billion) from 964 billion yen.

Very good!（46）