Honda Motor Co Reports 23% Increase in First-Quarter Profit
Financial Results for the Fiscal Year Ended March 31, 2023
TOKYO, Aug. 7 (Reuters) - Japan's Honda Motor Co. (7267T) reported a 23% increase in first-quarter profit on Wednesday, helped by strong sales of its popular models such as the Civic and Accord.
Key Financial Highlights
For the three months ended June 30, Honda's operating profit rose to 253 billion yen ($1.87 billion) from 206 billion yen a year earlier. Revenue increased by 11% to 3.66 trillion yen ($27.2 billion).
The company's net income climbed by 24% to 195 billion yen ($1.44 billion).
Outlook for the Future
Honda said it expects to see continued growth in the coming quarters, driven by strong demand for its new models and ongoing cost-cutting efforts.
The company is also investing heavily in electric vehicles and other new technologies in order to meet the changing needs of consumers.
Conclusion
Honda's strong financial performance in the first quarter is a testament to the company's continued success and resilience in a competitive global market.
As Honda continues to innovate and invest in the future, it is well-positioned to maintain its position as a leading player in the automotive industry.
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