Honda (HMC) Sees 16% Y/Y Decline In Q1 Operating Profit
Zacks Investment Research | Aug 02, 2019 08:01AM ET
Honda Motor Co., Ltd. (NYSE:HMC) has reported operating profit of ¥252.4 billion in the first quarter of fiscal 2020, down 15.7% from the year-ago period. This decline in operating profit can be attributed to high selling, general and administrative expenses, adverse impacts of foreign currency, and decreased sales revenues. The negative factors were partly offset by continuous cost-reduction efforts.
In the reported quarter, profit before income taxes declined 19.1% to ¥289.8 billion. Profit per share attributable to owners of the parent was ¥172.3 billion, marking a 29.5% decline from the year-ago figure.
Revenues declined 0.7% year over year to ¥4 trillion. The decline can be attributed to lower sales revenues at Automobile, Motorcycle, Life creation and other businesses, and negative currency translation impacts. The negative factors were partly offset by high sales revenues in the Financial services business.
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