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The company's financial reports indicate an operating loss of 414.3 billion yen ($2.6 billion) for the year ending March 31, in contrast to a profit of 1.2 trillion yen in the prior fiscal year.
Analysts polled by LSEG had, on average, anticipated an operating loss of 315.6 billion yen. The net loss amounted to 423.9 billion yen, in contrast to a profit of 835.8 billion yen from the previous year.
Honda reported an annual operating loss for the first time in almost 70 years as a publicly traded company. The loss resulted from setbacks associated with the firm's reassessment of its electric vehicle approach.
In March, the car manufacturer cautioned that it might have to write off as much as 2.5 trillion yen because of changes to its electric vehicle strategy. A write-off of 1.6 trillion yen was noted in the reporting period.
source: ft.com
Analysts polled by LSEG had, on average, anticipated an operating loss of 315.6 billion yen. The net loss amounted to 423.9 billion yen, in contrast to a profit of 835.8 billion yen from the previous year.
Honda reported an annual operating loss for the first time in almost 70 years as a publicly traded company. The loss resulted from setbacks associated with the firm's reassessment of its electric vehicle approach.
In March, the car manufacturer cautioned that it might have to write off as much as 2.5 trillion yen because of changes to its electric vehicle strategy. A write-off of 1.6 trillion yen was noted in the reporting period.
source: ft.com