Honda Motor has reported a significant increase in its net profit for the first half of its fiscal year, driven by its highly successful motorcycle operations and improved profitability in the automobile sector.
In the period from April to September, net profit surged to 616.30 billion yen ($4.08 billion), marking an impressive 82% rise compared to the same period last year, according to the Japanese automaker. Although slightly below the estimate of 628.92 billion yen projected by analysts in a Quick poll, Honda’s sales revenue also witnessed a healthy increase, reaching 9.61 trillion yen from 8.09 trillion yen.
The operating profit for Honda’s automobile business experienced a remarkable leap, surging from 63.5 billion yen in the previous year to 301.3 billion yen in the first half. Similarly, the motorcycle business delivered strong results, with operating profit rising from 224.7 billion yen to 253.3 billion yen over the same period.
In light of these positive outcomes, Honda Motor has revised its earnings projections for the fiscal year ending March 2024. The company now expects an operating profit of 1.2 trillion yen, up from the previous forecast of 1.0 trillion yen, and a net profit of 930 billion yen, surpassing the earlier estimate of 800 billion yen.
These promising financial results signify Honda’s resilience and adaptability within the automotive industry, showcasing its proficiency across multiple sectors. With a positive outlook for the remainder of the fiscal year, Honda is well-positioned for continued success.