Tokyo-based Honda Motor Co. said Wednesday it booked net profit of 134.6 billion yen ($1.49 billion) for the October-December quarter. It was the first time fiscal third quarter profit had increased in two years, underlining a recovery in world auto sales. The results were better than the 74 billion yen ($818 million) profit forecast by analysts surveyed by Thomson Reuters.
The Japanese automaker, known for the Insight hybrid, Accord sedan and Odyssey minivan, reported an 11.5 percent drop in sales for the quarter at 2.24 trillion yen ($24.8 billion), partly because of the strong yen. Honda has weathered the auto slump better than some of its bigger rivals because of its strength in emerging markets and its solid motorcycle division. Honda managed to stay in the black for the quarter ended Dec. 31, 2008, when other Japanese automakers, such as Toyota Motor Corp., sank into losses.
