AIRLINK 197.80 Decreased By ▼ -0.17 (-0.09%)
BOP 9.96 Decreased By ▼ -0.08 (-0.8%)
CNERGY 7.25 Decreased By ▼ -0.04 (-0.55%)
FCCL 36.85 Increased By ▲ 0.85 (2.36%)
FFL 16.74 Decreased By ▼ -0.17 (-1.01%)
FLYNG 26.30 Increased By ▲ 1.26 (5.03%)
HUBC 134.96 Increased By ▲ 0.93 (0.69%)
HUMNL 14.04 Decreased By ▼ -0.10 (-0.71%)
KEL 4.75 Decreased By ▼ -0.03 (-0.63%)
KOSM 6.82 Decreased By ▼ -0.12 (-1.73%)
MLCF 45.65 Increased By ▲ 0.67 (1.49%)
OGDC 216.80 Decreased By ▼ -1.43 (-0.66%)
PACE 6.93 Decreased By ▼ -0.01 (-0.14%)
PAEL 40.87 Decreased By ▼ -0.55 (-1.33%)
PIAHCLA 17.03 Increased By ▲ 0.17 (1.01%)
PIBTL 8.39 Decreased By ▼ -0.07 (-0.83%)
POWER 9.33 Decreased By ▼ -0.06 (-0.64%)
PPL 184.75 Decreased By ▼ -1.18 (-0.63%)
PRL 41.36 Increased By ▲ 0.09 (0.22%)
PTC 24.89 Increased By ▲ 0.12 (0.48%)
SEARL 103.90 Decreased By ▼ -0.75 (-0.72%)
SILK 1.02 Increased By ▲ 0.01 (0.99%)
SSGC 40.61 Decreased By ▼ -0.30 (-0.73%)
SYM 17.84 Decreased By ▼ -0.21 (-1.16%)
TELE 8.74 Decreased By ▼ -0.17 (-1.91%)
TPLP 12.65 Decreased By ▼ -0.19 (-1.48%)
TRG 66.30 Decreased By ▼ -0.30 (-0.45%)
WAVESAPP 11.27 Decreased By ▼ -0.03 (-0.27%)
WTL 1.75 Decreased By ▼ -0.03 (-1.69%)
YOUW 4.00 No Change ▼ 0.00 (0%)
BR100 12,096 Decreased By -13.3 (-0.11%)
BR30 36,557 Decreased By -40.9 (-0.11%)
KSE100 114,723 Decreased By -319.5 (-0.28%)
KSE30 36,082 Decreased By -117.8 (-0.33%)

TOKYO: Japanese auto giant Honda said Friday net profit rose 7.6 percent in the financial year to March, benefiting from strong motorbike sales and a weaker yen.

The company also expects net profit to remain steady in the current financial year, even as the global microchip shortage and virus-related supply chain disruption cause headaches for the car industry.

Honda said annual net profit rose 7.6 percent to 707 billion yen ($5.5 billion) in 2021-22 and issued a forecast of 710 billion yen net profit for the year to March 2023.

Sales last year were up 10.5 percent, it said, “due mainly to increased sales revenue in motorcycle business and financial services business operations as well as positive foreign currency translation effects.”

But “despite shifting to a recovery trend, the economic environment surrounding the company, its consolidated subsidiaries and its affiliates... continued to be difficult due to the impact of (the) semiconductor supply shortage, and increases in raw material costs, among other factors.”

Honda said its factories in Japan and overseas had been forced to suspend or reduce output due to supply chain and staffing issues related to Covid-19. Toyota, the world’s top-selling carmaker, this week also posted a record full-year net profit, helped by strong sales and a cheaper yen.

The currency has touched 20-year lows against the dollar in recent weeks, inflating the value of Japanese automakers’ overseas profits. Some analysts believe this will help them offset their current challenges.

In April, Honda said it will invest nearly $40 billion into electric vehicle technology over the next decade as it works towards switching all sales away from traditional fuel cars.

Comments

Comments are closed.