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Honda's quarterly profit sinks by 6% amid quake damage

2016-08-02 10:49

LOSS IN PROFITS: Japanese automaker posted a decline in profit due to two earthquakes that hit their plant in Kumamoto. Image: Honda.

Tokyo - Honda is reporting a better-than-expected $1.7-billion for the fiscal first quarter as it gradually recovers from damage caused by a quake in southwestern Japan.

Analysts surveyed by FactSet had forecast at $1.3-billion quarterly profit.

Takata airbag saga hurt earnings

Honda said Tuesday that April-June profit fell 6% compared to 2015, when the Japanese automaker earned $1.8-billion. Earlier in 2016, Honda posted losses over a massive air-bag recall at its supplier Takata.

A strong yen is hurting its results.

Tokyo-based Honda, which makes the Accord sedan and Asimo robot, kept its full year forecasts unchanged at $3.8-billion in profit, up 13% in 2015.

The twin earthquakes in Kumamoto in April damaged Honda's motorcycle plant.

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