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Mutual Funds - Mutual Funds.
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Posted by Monitor on July 28, 2008, 11:07 am
Honda profits rise 8%
Financial Times - http://www.ft.com/cms/s/0/2003f828-5a19-11dd-bf96-000077b=
07658.html
Honda defied a sinking US car market and unfavourable exchange rates
to announce an 8 per cent rise in quarterly profit on Friday.
However, the Japanese carmaker warned that business conditions were
likely to worsen in the months ahead
Honda=92s line-up of small, fuel-efficient cars has insulated it from
the worst effects of the slowdown in the US, where it makes about half
its non-motorcycle sales.
Some of its models, notably the diminutive Fit and Civic, have become
such popular choices for downsizing drivers that the company is
struggling to meet demand.
Honda=92s Y180bn ($1.7bn) net profit for the fiscal first quarter
exceeded analysts=92 expectations and set a company record for the
period.
It also stood out against crippling problems elsewhere in the
industry.
On Thursday, Ford announced a record quarterly loss of $8.7bn as it
announced a dramatic overhaul of its operations that would re-focus on
smaller cars.
Koichi Kondo, Honda executive vice-president, cautioned that its
strong quarterly results obscured =93very harsh overall conditions=94 as
prices for steel and other raw materials continue to rise and a weak
US resale market erodes the value of the company=92s leasing fleet
Honda stood by its gloomy prediction of an 18 per cent decline in net
profit for the full year to next March.
It trimmed its operating profit forecast by 3 per cent and cut its
global and US sales projections by 1.4 per cent each, to 4.08m
vehicles and 1.745m vehicles, respectively.
Koji Endo, analyst at Credit Suisse, said: =93It was a good quarter but
I think investors are going to be disappointed by how they see the
full year.=94
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