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This story is from August 5, 2020
Honda sees 68% drop in annual profit due to coronavirus
Honda Motor Co on Wednesday forecast a 68% fall in annual operating profit as it anticipates a hit from falling sales as demand for cars has plunged due to the coronavirus pandemic. Japan's No. 3 automaker expects profit to sink to 200 billion yen ($1.89 billion) in the year to end-March 2021, worse than a consensus mean estimate of 260 billion yen in profit from 19 analysts.
(File photo: Reuters)
TOKYO: Honda Motor Co on Wednesday forecast a 68% fall in annual operating profit as it anticipates a hit from falling sales as demand for cars has plunged due to the coronavirus pandemic.
Japan's No. 3 automaker expects profit to sink to 200 billion yen ($1.89 billion) in the year to end-March 2021, worse than a consensus mean estimate of 260 billion yen in profit from 19 analysts polled by Refinitiv.
Coronavirus outbreak: Live updates
Honda's outlook comes after it posted a 113.7 billion yen operating loss for the April-June quarter, stung by weak car sales.
More on Covid-19
Japan's No. 3 automaker expects profit to sink to 200 billion yen ($1.89 billion) in the year to end-March 2021, worse than a consensus mean estimate of 260 billion yen in profit from 19 analysts polled by Refinitiv.
Coronavirus outbreak: Live updates
Honda's outlook comes after it posted a 113.7 billion yen operating loss for the April-June quarter, stung by weak car sales.
More on Covid-19
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