Honda Motor Co., Ltd reported that its third-quarter profit attributable to owners of the parent for the third-quarter decreased 30.8% to 116.4 billion yen from the same quarter last year. Earnings per share for the quarter were 66.37 yen, down from 95.61 yen in the year ago quarter.
Operating profit also decreased by 2.1% to 166.6 billion yen from the previous year, due mainly to a decrease in profit attributable to decreased sales revenue and model mix as well as negative foreign currency effects. It was partially offset by decreased selling, general and administrative expenses as well as continuing cost reduction.
Quarterly sales revenue declined by 5.7% to 3.75 trillion yen from the same period last year, due mainly to decreased sales revenue in Automobile business operations as well as negative foreign currency translation effects, which was partially offset by increased sales revenue in Financial services business operations.
Looking ahead for Fiscal year ending March 31, 2020, the company now expects profit attributable to owners of the parent to be 595.0 billion yen or 339.64 yen per share, and sales revenue of 15.15 trillion yen.
The company said in November that it expected profit attributable to owners of the parent to be 575.0 billion yen or 329.64 yen per share, and sales revenue of 15.05 trillion yen.