Honda’s net plunges 60% on floods

Kyodo

Honda Motor Co. said Friday it posted a group net profit of ¥211.48 billion in fiscal 2011, down 60.4 percent from the previous year due to the impact of massive flooding in Thailand.

For the year that ended March 31, the automaker also reported a consolidated operating profit of ¥231.36 billion, a 59.4 percent year-on-year plunge, on sales of ¥7.95 trillion, down 11.1 percent.

Honda expects sales to recover in the current fiscal year, projecting a group net profit of ¥470 billion, a 122 percent spike from the previous year.