HMC Honda Motor Co Ltd

Honda Motor Co., Ltd. announced its consolidated financial results for the fiscal first half ended September 30, 2016.

Consolidated sales revenue for the fiscal first half (April 1, 2016 through September 30, 2016) amounted to 6,734.6 billion yen, a decrease of 8.1% compared to the same period last year, due primarily to a decline in sales revenue due to foreign currency translation effects. This was despite an increase in sales revenue for the automobile, financial services and motorcycle businesses.

Consolidated operating profit for the fiscal first half amounted to 494.9 billion yen, an increase of 22.5% compared to the same period last year, due to the positive effect of cost reduction efforts, an increase in profit related to changes in sales volume and model mix, a decrease in selling, general and administrative (SG&A) expenses that included quality-related expenses and the impact of pension accounting treatment. This was despite the impact of the 2016 Kumamoto Earthquake and unfavorable currency effects.

Consolidated profit for the fiscal first half attributable to owners of the parent amounted to 351.7 billion yen, an increase of 12.1% compared to the same period last year.

Reflecting the latest unit sales forecasts and unfavorable currency effects due to the appreciation of the Japanese yen, the previously announced forecast for consolidated sales revenue for the current fiscal year (April 1, 2016 through March 31, 2017) was revised downward by 350 billion yen to 13.4 trillion yen.

Reflecting the cost reduction efforts and the impact of pension accounting treatment, the previously announced forecast for operating profit for the current fiscal year was revised upward by 50 billion yen to 650 billion yen. This is despite unfavorable currency effects.

The previously announced forecast for profit for the current fiscal year attributable to owners of the parent was also revised upward by 25 billion yen to 415 billion yen.

The quarterly dividend for the fiscal second quarter will be 22 yen per share, and total cash dividends to be paid for the fiscal year ending March 31, 2017 are expected to be 88 yen per share.

Source: Honda

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