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Honda passenger unit sales up 1.7% y/y to 962,000 units globally
Japanese automaker Honda has achieved a growth in net profits as sales revenues have drifted 2.2% y/y during the first quarter of its FY 2008/09.
The growth was made despite a strengthened yen the previous year, as well as the cost burden of rising raw material pricing, offsetting the latter by raising prices and its ongoing efforts to reduce costs. It also has suffered less from the downturn in North America than some of its rivals have, while growth in Asia and other developing markets have helped push it along as well.
Despite the impressive performance seen this quarter against various pressures, the automaker is pessimistic as to its fortunes for the rest of the fiscal year with a decline in operating and net profits as a result of the ongoing pressures affecting the industry.
Honda has announced its financial statement for the first quarter of its fiscal year (FY) 2008/09 which has surprised many by achieving profits during this period despite a decline in sales revenues. For the three months ending 30 June 2008, the automaker reported that its revenues for the period had declined by 2.2% year-on-year (y/y) from ¥2,931.1 billion (US$27.2 billion) to ¥2,867.2 billion, as a result of the strengthening yen and the currency translation affects because of this transaction. The company added that had the exchange rate had remained the same as the previous year, the automaker would have witnessed an increase of around 7.1% y/y.
Operating profits remained almost steady in the first quarter the of the FY 2008/09 as the present year drifted to ¥221.3 billion from ¥221.7 billion a year earlier helped along by a general increase in its overall passenger car unit sales as well as the decrease in the sales incentives offered in its main North American passenger car market and its cost reduction efforts which have offset the negative impact of the appreciating yen, increased raw material costs and a growth in selling, general & administration (SG&A) expenses. However, despite these pressures Honda managed to increase its net profits by 8.1% y/y during the quarter, rising from ¥166.1 billion to ¥179.6 billion.
The growth was made despite a strengthened yen the previous year, as well as the cost burden of rising raw material pricing, offsetting the latter by raising prices and its ongoing efforts to reduce costs. It also has suffered less from the downturn in North America than some of its rivals have, while growth in Asia and other developing markets have helped push it along as well.
Despite the impressive performance seen this quarter against various pressures, the automaker is pessimistic as to its fortunes for the rest of the fiscal year with a decline in operating and net profits as a result of the ongoing pressures affecting the industry.
Honda has announced its financial statement for the first quarter of its fiscal year (FY) 2008/09 which has surprised many by achieving profits during this period despite a decline in sales revenues. For the three months ending 30 June 2008, the automaker reported that its revenues for the period had declined by 2.2% year-on-year (y/y) from ¥2,931.1 billion (US$27.2 billion) to ¥2,867.2 billion, as a result of the strengthening yen and the currency translation affects because of this transaction. The company added that had the exchange rate had remained the same as the previous year, the automaker would have witnessed an increase of around 7.1% y/y.
Operating profits remained almost steady in the first quarter the of the FY 2008/09 as the present year drifted to ¥221.3 billion from ¥221.7 billion a year earlier helped along by a general increase in its overall passenger car unit sales as well as the decrease in the sales incentives offered in its main North American passenger car market and its cost reduction efforts which have offset the negative impact of the appreciating yen, increased raw material costs and a growth in selling, general & administration (SG&A) expenses. However, despite these pressures Honda managed to increase its net profits by 8.1% y/y during the quarter, rising from ¥166.1 billion to ¥179.6 billion.
