Honda Posts Q1 Profit and Raises Full Year Forecast

Honda, Japan’s number 2 automaker posted an 88 percent fall in operating profit, due to the drop in car sales, but managed to beat expectations for a loss.

Honda posted an operating profit of 25.2 billion yen ($267 million) in the April-June quarter, compared to a 210.5 billion yen a year earlier. Honda also raised their full year forecast die to the fact that it expects sales to improve. For the year ending March 31, 2010, Honda is now forecasting an operating profit of 70 billion yen and net profit of 55 billion yen.

Full Story: Reuters