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Honda reports profit drop on yen declining US India sales

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TOKYO — Japanese automaker Honda has reported a 29% decline in fiscal first quarter profit as an unfavourable currency exchange and declining auto sales in the U.S. and India hurt earnings.Tokyo-based Honda Motor Co. reported Friday its April-June profit totalled 172.3 billion yen ($1.6 billion), down from 244.3 billion yen.Quarterly sales dipped 0.7% to nearly 4 trillion yen ($37 billion).Honda, which makes the Accord sedan, Odyssey minivan and Asimo robot, said both auto and motorcycle sales declined during the quarter on-year.Honda lowered its profit forecast for the fiscal year through March 2020 to 645 billion yen ($6 billion), down from an earlier forecast of 665 billion yen ($6.2 billion).But the latest projection is better than the 610 billion yen Honda earned the previous year.The Associated Press read more