Honda profit to drop 63.5 %
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Honda profit to drop 63.5 %
(AP News) Honda says profit for the fiscal year through March 2012 is expected to plunge 63.5 percent as vehicles sales slipped amid a parts shortage caused by the quake and tsunami in Northeastern Japan.
Honda Motor Co. gave the forecast Tuesday, more than a month later than usual. Like other Japanese automakers, the maker of the Odyssey minivan and the Fit compact needed more time to assess the aftermath of the March 11 disaster.
Honda is projecting a profit of 195 billion yen ($2.4 billion) for the fiscal year ending March 2012, down sharply from 534 billion yen recorded the previous fiscal year.
Honda Motor Co. gave the forecast Tuesday, more than a month later than usual. Like other Japanese automakers, the maker of the Odyssey minivan and the Fit compact needed more time to assess the aftermath of the March 11 disaster.
Honda is projecting a profit of 195 billion yen ($2.4 billion) for the fiscal year ending March 2012, down sharply from 534 billion yen recorded the previous fiscal year.
Damn...not looking good for the Honda fanboys!