Honda Q3 profit lower as strong Yen hurts export

Honda - Hit by Rising Yen

Honda – Hit by Rising Yen

Strong domestic currency has hit Honda hard and the company has posted a staggering 40 percent drop in its Q3 profits.

Net profit for the quarter stands at ¥81.1 billion ($989, £623 million), down from ¥134.6 billion, recorded during the same period last year.

Honda has blamed the Japanese government for its poor performance as well, since incentives to buy new cars were discouraged.

The company, however, raised the full year net profit to ¥530 billion. The company is pinning its hopes on the recovery of the US market.

Strong growth from emerging markets has helped it offset sluggish demand from mature markets, the company said in a statement.

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