Honda’s Q3 Profits Up 39%

Japan’s Honda Motor Co. says its net profit in the last quarter was 188 billion yen ($1.7 billion), up 39% from a year earlier, buoyed by sales in small, medium size and SUV models. The company on Monday upgraded its forecast for its fiscal full-year net profit to 415 billion yen ($3.96 billion), from an earlier estimate of 390 billion yen. The company said strong sales of sport utility vehicles in China helped support its strong performance, despite unfavorable currency trends that pulled its sales down nearly 10% from a year earlier in the July-September quarter, to 3.26 trillion yen ($31.1 billion). Honda’s profit fell 6% in the April-June quarter from a year earlier, as the automaker took a hit from massive airbag recalls at its supplier Takata. Honda is one of Takata’s biggest customers. The company did not release its regional sales forecast for the Middle East and North Africa. Iran is not listed on the firm’s profits, as cars imported to the country come via the UAE and other regional locals.