Honda Motor Co. said Tuesday it expects a 63.5 percent drop in group net profit to ¥195 billion for fiscal 2011, blaming a production fall caused by the quake and tsunami in March.
The automaker projected a 64.9 percent decline in operating profit to ¥200 billion and a 7.1 percent fall in sales to ¥8.3 trillion for the year ending next March.
The firm also attributed the profit and sales falls to a stronger yen and increased production costs.
Honda and other major automakers usually provide their earnings outlooks in announcing fiscal year results in April or May, but they postponed their forecast announcements due to uncertainty about production recovery after the disaster disrupted parts supply.
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