TOKYO (dpa-AFX) - Japanese automaker Honda Motor Co Ltd. (HMC) on Tuesday forecast sharply lower results for the year ending March 2012 after reporting a 33 percent drop in third-quarter profit, impacted by the Great East Japan Earthquake and the Thailand floods, as well as the historic appreciation of the yen. Net income for the quarter dropped 33.4 percent to 47.6 billion yen from 81.1 billion yen in the prior year. The results were also hurt by a change in income tax laws in Japan. Net sales and other operating revenue plunged to 1.943 trillion yen from 2.11 trillion yen in the previous year. Operating income dropped to 44.2 billion yen from last year's 125.6 billion yen. The decline stemmed from a negative change in sales volume and model mix, increased cost per unit due to lower production as well as higher raw material costs, the company said. Motorcycle sales grew 6.3 percent to 3.08 million units with increases in all regions, except Europe. The maker of the Civic and Accord sedans said automobile sales slipped nearly 3 percent to 830 thousand units, with decreases mainly in Asia and other regions due to flooding in Thailand. Japan and North America saw some sales gains. Honda said the quarterly dividend would be 15 yen per share of common stock with the record date of December 31, 2011. The automaker had withdrawn its annual guidance in October stating it was evaluating the extent of the damage from the Thai floods. The company said today it expects net income of 215 billion yen or 119.29 yen per share for the fiscal year ending March 31, which is less than half of the company's last year earnings of 534 billion yen. Net sales and other operating revenue are now projected to be 7.850 trillion yen, which is also lower than 8.84 trillion yen generated last year. In August last, the company's forecast was for net income attributable to the company of 230 billion yen or 127.61 yen per share and net sales & other operating revenue of 8.70 trillion yen. Unit sales of motorcycles in the current fiscal are currently estimated to be 12.66 million units, compared to 11.445 million units sold in fiscal 2011. Automobiles sales are projected to be 3.15 million units, less than 3.512 million units sold last year. The stock closed in Tokyo on Tuesday lower by 0.6 percent at 2,666 yen.
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