Paper Says Honda Profit To Plunge 40%
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NEW YORK, Oct 24, 2008; Ted Kerr writing for Reuters reported that Honda
But First Snide's Remarks: So how come with profit and demand plunging would the smart guys at Honda not increase availability on their profitable and green Civic GX? Let me know what you think...msnide@theautochannel.com
Motor Co's operating profit is expected to fall by about 40 percent in the year to March due to the yen's surge against the dollar as well as a weak auto market, the Nikkei business daily reported.Group operating profit is expected to be between 550 billion yen ($5.8 billion) and 580 billion yen, the Nikkei said it had learned.
Japan's second-biggest automaker said in April that it expected a profit of 630 billion yen, down from its forecast of 650 billion yen at the start of the financial year.
Honda had assumed an average yen exchange rate of 101 per dollar for the year. The dollar fell to a 13-year low of 90.95 yen on Friday, according to Reuters data.
Honda President Takeo Fukui said last week the company had no current plans to change its earnings guidance, but would provide an update when the company reports half-year earnings at the end of October.
Editing by Leslie Gevirtz
