Honda reports fourth-quarter loss, fiscal year profit

Posted on Tuesday, April 28th, 2009 at 12:53 PM EDT.

Honda Motor Co. said Tuesday it overcame a large quarterly loss to book a fiscal year profit that was well above forecasts, and vowed to stay in the black for the current fiscal year, the Associated Press reported.

Japan’s second-largest carmaker said it had a net loss of 186.16 billion yen ($1.94 billion) in the January-March quarter, down from a 25.43 billion yen profit a year earlier, the AP said.

For the fiscal year through March, though, Honda earned a net profit of 137 billion yen, according to the AP. While that was less than a quarter of its profit a year earlier, it was above the company’s forecast of 80 billion yen set in January. A survey of 24 analysts by Thomson Reuters had forecast an average profit of 93.67 billion yen for the year, the news service said.

For the current fiscal year, Honda projected it would eke out a 10 billion yen profit, barely managing to stay in the black, the story said. (Associated Press/Detroit News)

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