Honda returns to quarterly profit despite pandemic damage

Honda swung into the black in January-March, recording a 213 billion yen ($2 billion) profit despite the lingering impact of the pandemic

TOKYO -- Honda swung into the black in January-March, recording a 213 billion yen ($2 billion) profit despite the lingering impact of the pandemic. The results, released Friday, marked a reversal from 29.5 billion yen in red ink Honda Motor Co. racked up in the same quarter last year. Quarterly sales rose nearly 5% to 3.6 trillion yen ($33 billion). Tokyo-based Honda’s profit for the fiscal year that ended in March totaled 657.4 billion yen ($6 billion), up 44% from the previous fiscal year. Annual sales slipped nearly 12% to 13.2 trillion yen ($121 billion), but cost cuts helped support its bottom line. The results were better than Honda's internal forecasts.