Honda quarterly profit slips despite solid sales

In this Thursday, April 11, 2013 file photo, Indian dancers perform as Honda’s new Amaze diesel engine car rolls in during its launch in New Delhi, India. Honda’s net profit for the first quarter of its fiscal year slipped 7 per cent, although its auto sales grew in every region except Japan. Tokyo-based Honda reported Wednesday, July 31, a 122.4 billion yen ((Canadian) $1.25 billion) profit for the April-June period. The Japanese automaker also got a perk from a favourable currency rate. AP

TOKYO — Honda Motor Co.’s net profit for the first quarter of its fiscal year slipped 7 percent, although its auto sales grew in every region except Japan.

Tokyo-based Honda reported Wednesday a 122.4 billion yen ($1.25 billion) profit for the April-June period. The Japanese automaker also got a perk from a favorable currency rate.

The company said it invested in research and new plants and that operating profit grew compared to the previous year.

The maker of the Odyssey minivan and Fit subcompact stuck to its annual forecast for 580 billion yen ($5.9 billion) profit, up nearly 60 percent on year.

It’s expecting to sell 4.43 million vehicles for the fiscal year through March 2014, up from 4 million the previous year.

Japanese automakers, including Honda, are growing in emerging markets.