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TOKYO, Aug 2, 2019 - (JCN Newswire) - Honda Motor Co., Ltd. announced its consolidated financial results for the fiscal first quarter ended June 30, 2019. Consolidated sales revenue for the fiscal first quarter (April 1, 2019 through June 30, 2019) amounted to 3,996.2 billion yen, a decrease of 0.7% compared to the same period last year, due primarily to a decrease in sales revenue such as automobile and motorcycle businesses as well as unfavorable foreign currency effects. This was despite an increase in sales revenue from financial services business.
Consolidated operating profit for the fiscal first quarter amounted to 252.4 billion yen, a decrease of 15.7% compared to the same period last year, due primarily to an increase in selling, general and administrative (SG&A) expenses, a decrease in profit related to changes in sales volume and model mix resulting from a decrease in automobile unit sales in U.S. and a decrease in motorcycle and automobile unit sales due to the slowdown of the Indian market, as well as unfavorable foreign currency effects. This was despite cost reduction efforts.
Consolidated profit before income taxes for the fiscal first quarter amounted to 289.8 billion yen, a decrease of 19.1% compared to the same period last year.
Consolidated profit for the fiscal first quarter attributable to owners of the parent amounted to 172.3 billion yen, a decrease of 29.5% compared to the same period last year, due to a change in the amount of profit before income taxes and an increase in income tax expenses based on regulations issued in relation to the Tax Cuts and Jobs Act in the U.S.
The previously announced forecast for consolidated sales revenue for the current fiscal year (April 1, 2019 through March 31, 2020) was revised downward by 50.0 billion yen to 15,650.0 billion yen, mainly to reflect the downward revision of the forecast for automobile unit sales in India. Despite the downward revision of the forecast for automobile unit sales in light of uncertainties in emerging markets, the forecast for operating profit remains the same, 770.0 billion yen, due to an increase in the forecast of motorcycle unit sales in some countries such as Vietnam and the further improvement in the business structure. The forecast for profit for the current fiscal year attributable to owners of the parent was revised downward by 20.0 billion yen, to 645.0 billion yen, due to an increase in income tax expenses recorded during the fiscal first quarter.
The quarterly dividend for the fiscal first quarter will be 28 yen per share (an increase of 1 yen per share compared to the same period last year), and total dividends to be paid for the fiscal year ending March 31, 2020 are expected to be 112 yen per share (an increase of 1 yen per share compared to the previous fiscal year).
Contact:
Honda
Media Inquiries
corporate_pr@hm.honda.co.jp
+81-3-5412-1512
Topic: Press release summary
Source: Honda Motor Co, Ltd
Sectors: Automotive
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From the Asia Corporate News Network
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