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Honda Motor Q2 Profit Down; Cuts FY Outlook

Honda Motor Co., Ltd. reported that its profit attributable to owners of the parent for the second-quarter decreased by 6.7% to 196.5 billion yen from the same period last year, due mainly to increased income tax expense. Earnings per share for the quarter were 111.70 yen, a decrease of 7.96 yen from last year.

Operating profit for the second-quarter increased by 2.6% to 220.1 billion yen from last year, due mainly to decreased selling, general and administrative expenses as well as continuing cost reduction, which was partially offset by a decrease in profit attributable to decreased sales revenue and model mix.

Honda's consolidated sales revenue for the second-quarter decreased by 2.9% to 3.73 trillion yen from the same period last year, due mainly to decreased sales revenue in Automobile business, Motorcycle business, Life creation and other businesses 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 for the year 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. Previously, it expected annual profit for the year attributable to owners of the parent to be 645 billion yen or 366.57 yen per share, and sales revenue of 15.65 trillion yen.

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