Just as the currency gains from last year’s very weak yen are beginning to fade away, Honda reported its fourth fiscal quarter earnings managed to more than double over the same period last year.
Last year in the three months ending April 1st, Honda managed a healthy profit of almost $800 million (75.5 billion yen) – but this year it topped it out with a $1.67 billion (170.5 billion yen) figure. The company’s overall sales also went up by 13% to $30 billion, or 3.1 trillion yen.
As the Tokyo-based automaker is forecasting expanded sales for the fiscal year ending March 2015 – up from 4.3 million cars to 4.83 million vehicles globally – in the quarter which ended last month the company managed to deliver almost 1.2 million units – thanks to increased sales form Japanese customers aiming to beat an April 1st sales-tax rise.
Honda managed to achieve a 574 billion yen ($5.6 billion) profit, which is a huge increase from the 367 billion yen it achieved last year, but it narrowly missed the self imposed target of a 580 billion yen ($5.7 billion) profit.
In other news, Mazda – which relies even heavier on exports than Toyota, Honda and Nissan – reported for the quarter an almost seven times increase in its January-March profit, reaching almost 58.3 billion yen ($572 million).