Honda posts 78% rise in Q1 profit

Japan's Honda Motor reported a 78 percent rise in quarterly profit on Wednesday, boosted by increased sales, especially in the North American market, and a weaker yen.

Japan's second-biggest automaker by sales said its operating profit totalled 394.4 billion yen ($2.76 billion) in the three months through June, handily beating the average 324.74 billion yen estimate in a poll of 10 analysts by Refinitiv.

That compared with a 222.2 billion yen profit in the same period last year.

Like other automakers, Honda said it benefited from strong sales to retail customers in the key US market, posting a 44.7 percent year-on-year jump to 347,000 units, as the impact of post-pandemic disruptions in the supply of parts and chips eases.