Honda Q1 Net Income Plummets 95%

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Suffering from reduced consumer demand for automobiles and powersports vehicles, Honda says net income for its fiscal first quarter, ended June 30, totaled ¥7.5 billion ($79 million), a decrease of 95.6 percent from the same period in 2008. Consolidated net sales for the recently ended quarter totaled ¥2.002 trillion ($20.85 billion), a decrease of 30.2 percent from the same three-month period last year.

Honda's first quarter motorcycle and ATV sales totaled 2.252 million units, a decrease of 17.1 percent compared to 2.715 million units during last year's first quarter. Motorcycle and ATV sales to North America during the first quarter totaled 54,000 units, down 32.5 percent compared to the same three-month period last year; totaled 45,000 units in Japan, down 22.4 percent; totaled 62,000 units in Europe, down 31.9 percent; totaled 1.819 million units in Asia, down 11.2 percent; and totaled 272,000 units in other regions, down 37.6 percent.

Unit sales are comprised of the total sales of completed products by Honda and its consolidated subsidiaries, and sales of parts for local production at Honda's affiliates.

For its business year ending March 31, 2010, Honda projects net sales of ¥8.280 trillion, down 17.3 percent compared to the prior 12-month period, and motorcycle sales of 8.950 million units, down 11.5 percent compared to sales of 10.114 million units last year.

—Submitted by Guido Ebert