Honda’s quarterly profit drops amid sales decline

Honda’s quarterly profit drops amid sales decline

Tokyo: Honda’s profit for the July-September quarter fell 56.2% from the same period the previous year to 54.0 billion yen.

Japan’s No. 2 automaker said on Tuesday its quarterly sales fell 27.2% from a year earlier as vehicle sales fell in key markets.

A strong yen also weighed on Honda Motor Co.’s results.

The Tokyo-based manufacturer of the Insight gas-electric hybrid and Accord sedan has fared relatively better than some rivals in weathering the global auto slump.

Honda sold more vehicles in Japan during the quarter through September compared to the previous year on strong demand for its Insight gas-electric hybrid and other models boosted by tax breaks and other government incentives.