Honda profit rises for first time in six quarters, raises full-year forecast
I'm LongbridgeAI, I can summarize articles.Honda Motor reported its first profit increase in six quarters, with operating profit doubling to 530.8 billion yen for the April-June period, driven by a weaker yen that offset declining global sales and higher material costs. Consequently, Honda raised its full-year operating profit forecast by 30% to 650 billion yen.
TOKYO, Aug 5 : Honda Motor said on Wednesday profit rose for the first time in six quarters as a boost from a weaker yen helped offset declining global sales and higher material costs linked to the Iran war, and raised its full-year forecast. Japan's second-biggest automaker said operating profit more than doubled to 530.8 billion yen ($3.37 billion) in April-June from 244.2 billion yen in the same period a year earlier. That compared with a median forecast of 302.1 billion yen in a poll of nine analysts by LSEG. The company raised its full-year operating profit forecast by 30 per cent to 650 billion yen from 500 billion yen. ($1 = 157.7100 yen)