Honda Motor Reports Consolidated Financial Results for Fiscal Q1, 1997
21 August 1997
Honda Motor Co., Ltd. Reports Consolidated Financial Results for the Fiscal First Quarter Ended June 30, 1997
TOKYO, Aug. 21 -- Honda Motor Co., Ltd. today
announced its unaudited consolidated financial results for the fiscal first
quarter ended June 30, 1997.
Honda's consolidated net income for the fiscal first quarter amounted to
Y62.2 billion ($544 million), representing an increase of 36.2% from the
fiscal first quarter ended June 30, 1996. Net income per Common Share for the
fiscal first quarter totaled Y63.88 ($0.56) compared to Y46.91 for the fiscal
first quarter ended June 30, 1996. Net income per American Share, each
representing two Common Shares, amounted to Y127.76 ($1.12) compared to
Y93.82 for the fiscal first quarter ended June 30, 1996.
Consolidated net sales and other operating revenue for the fiscal first
quarter totaled Y1,418.7 billion ($12,407 million), representing an increase
of 15.3% from the fiscal first quarter ended June 30, 1996. Revenue increased
due primarily to favorable sales of automobiles, in particular higher sales in
North America and Europe.
Consolidated operating income increased by 60.4% to Y110.1 billion
($963 million) from the fiscal first quarter ended June 30, 1996. In addition
to an increase in revenue, the Company's continued cost cutting efforts and
the depreciation of the yen positively affected the Company's operating
income.
Consolidated income before income taxes and net income for the fiscal
first quarter amounted to Y108.0 billion ($945 million) and Y62.2 billion
($544 million), representing an increase of 42.0% and 36.2%, respectively,
from the fiscal first quarter ended June 30, 1996.
The Company's consolidated income statement data for the fiscal first
quarter ended June 30, 1996 included a pre-tax gain of Y10.4 billion and an
after-tax gain of Y5.0 billion on the nonmonetary exchange of common shares of
The Bank of Tokyo, Ltd. held by Honda for common shares of The Bank of
Tokyo-Mitsubishi, Ltd.
Reviewing the fiscal first quarter by business segment, Honda's motorcycle
unit sales declined by 0.5% from the fiscal first quarter ended June 30, 1996,
totaling 1,310,000 units, while revenue increased by 16.5%, to Y200.6 billion
($1,755 million) from the fiscal first quarter ended June 30, 1996.
Motorcycle sales declined in Asia outside Japan, in particular in Thailand and
China, which were offset, in part, by improved sales in Europe and Latin
America. The increase in the Company's revenue was primarily due to the
increase in sales of relatively large motorcycles in Europe.
Unit sales of automobiles totaled 573,000 units and revenue amounted to
Y1,111.4 billion ($9,720 million), representing an increase of 11.3% and
13.8%, respectively, from the fiscal first quarter ended June 30, 1996. These
increases resulted primarily from strong gains in Honda's automobile sales in
North America and Europe. Unit sales of automobiles in Japan also increased
due primarily to favorable sales of the S-MX, Logo as well as the introduction
of a mini-vehicle called the Life.
Power product unit sales increased by 19.4% from the fiscal first quarter
ended June 30, 1996, totaling 584,000 units. Honda's other businesses,
including its power product business, generated revenue of Y106.6 billion
($932 million), representing an increase of 30.9% from the fiscal first
quarter ended June 30, 1996. Despite declined sales of power products in
Asia, favorable sales in Japan as well as in North America and Europe,
together with an increase in revenue from Honda's finance business,
contributed primarily to the increase in the Company's revenue during the
fiscal first quarter.
SOURCE Honda Motor Co., Ltd.