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Honda's annual net profit soars to $3.7 bn

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(Globalpost/GlobalPost)

Japanese automaker Honda said Friday its net profit for the year to March soared 73.6 percent to $3.7 billion, thanks to robust overseas sales, a weaker yen, and cost cutting.

Japan's third-biggest automaker said it earned 367.15 billion yen ($3.7 billion) on revenue of 9.87 trillion yen, up from 7.95 trillion yen a year earlier.

Honda also reported operating profit of 544.8 billion yen, up 135.5 percent from the previous year.

The strong results underscore the automaker's recovery from the effects of the 2011 quake-tsunami disaster in Japan as well as severe floods in Thailand while a weaker yen helped its bottom line.

The firm is expecting another strong year to March 2014 with annual net profit of 580 billion yen and operating profit of 780 billion yen, on sales of 12.1 trillion yen.

hih/pb/dan

http://www.globalpost.com/dispatch/news/afp/130426/hondas-annual-net-profit-soars-37-bn-0