TOKYO - Weighed down by the effects of the strong yen, Honda Motor Co.'s third-quarter earnings fell for the first time in six years.
The company reported last week that revenue and earnings fell, even though unit sales rose at every Honda division worldwide in its October-December fiscal quarter. A stronger yen means that Japanese companies receive fewer yen for every dollar or euro they earn overseas.
Honda said the value of one dollar fell to an average 104.56 yen in the quarter from an average 119.82 yen a year earlier.
Group revenue fell 3.1 percent to ¥1.448 trillion, or $14.14 billion at the exchange rate prevailing at the end of the quarter. Honda estimated that if the exchange rate had held steady, its revenue for the quarter would have increased by about 7 percent.
Pretax income fell 23.3 percent to $1.02 billion, while net income dropped 16.2 percent to $618.2 million.
Vehicle sales grew 3.8 percent to 622,000, mainly on strong demand for the Odyssey minivan and CR-V sport-utility in North America.