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Honda reports Q1 loss

Honda reports Q1 loss

TOKYO: Honda Motor Co has reported a ¥93.4 billion (US$860 million) loss for the first quarter, as the Japanese automaker is hit by costs for a massive air bag recall and an unfavourable shift in exchange rates. Tokyo-based Honda reported an ¥81.9 billion profit in the same quarter of last year. The company on Friday said that quarterly sales rose 5 percent to ¥3.66 trillion as vehicle sales grew. For the fiscal year ended March, Honda’s profit plunged 32 percent to ¥344.5 billion, as quality-related expenses and the strong yen offset gains from cost cuts and strong performance in the North American market. Honda is the biggest customer of Japanese air bag maker Takata Corp.