Daily Management Review

Honda Motor's net loss in Q1 amounts to $763M


The net loss of the Japanese concern Honda Motor attributable to the company's shareholders in the first quarter of the 2020-2021 fiscal year ended June 30 was 80.871 billion yen (about 763 million dollars), although a profit of 172.3 billion yen was made a year earlier ( $ 1.6 billion), according to the company's financial statements.

Diluted loss per share for the quarter was 46.84 yen ($ 0.44) against a year-ago profit of 97.92 yen ($ 0.92) per share. At the same time, Honda's revenue fell by almost half to 2.124 trillion yen ($ 20 billion).

At the end of the 2020-2021 fiscal year, which ends March 31, 2021, the company expects a drop in revenue by 14.3% in annual terms, to 12.8 trillion yen (120.8 billion dollars). Decrease in net profit for the year will amount to 63.8%, to 165 billion yen (1.6 billion dollars), the company expects.

Honda Motor was founded in 1946. Until the 1960s, the company was exclusively engaged in the production of motorcycles and only by the 1970s was it able to establish itself on the international market as one of the leading Japanese car manufacturers.

source: bloomberg.com