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Honda records 20 pct profit rise on yen, despite recalls

Honda records 20 pct rise in profit on cheap yen despite costs of massive air bag recalls

Honda records 20 pct profit rise on yen, despite recalls

TOKYO (AP) -- Japanese automaker Honda is seeing a 20 percent jump in fiscal first quarter profit on the back of a cheap yen that offset the damage from a massive air bag recall.

Honda Motor Co. reported Friday April-June net profit of 186 billion yen ($1.5 billion), up from 155.6 billion yen the same period the previous year.

Quarterly sales gained nearly 16 percent to 3.7 trillion yen ($29.9 billion).

The Tokyo-based maker of the Accord sedan and Odyssey minivan has been the hardest hit among automakers from the costs related to a global recall of Takata Corp.'s air bags that can explode.

Results got a boost from healthy sales, especially in North America. The cheap yen, which lifts the overseas earnings of Japanese exporters, also helped. Honda left forecasts unchanged.


Updated : 2021-09-21 02:08 GMT+08:00