TOKYO -- Honda Motor Co. posted its first quarterly loss in 15 years in the three months that ended March 31 but still squeaked out a full-year profit. It forecasts continuing black ink despite falling sales in the fiscal year that began April 1.
In the quarter that ended March 31, Honda posted an operating loss of ¥283.0 billion, or $2.91 billion at current exchange rates, Executive Vice President Koichi Kondo said last week. A year earlier, Honda reported an operating profit of $1.74 billion.
Revenue tumbled 41.6 percent to $18.33 billion. There was a net loss of $1.91 billion, compared with a year-earlier profit of $261.1 million.
All major markets had regional operating losses. In North America, Honda lost $1.10 billion in the quarter, after a $648.7 million profit a year earlier.
For the fiscal year that ended March 31, operating profit plunged 80.1 percent to $1.95 billion. Revenue fell 16.6 percent to $102.90 billion, the first drop in nine years. But Kondo said the exchange rate hurt full-year profits even more than falling sales. Net profit fell 77.2 percent to $1.41 billion.