Honda profits quadruple in recovery

Japanese car giant Honda said April-June profits quadrupled to 131.7 billion yen (€1.37bn) as it bounced back from last year’s natural disasters.

The Tokyo-based company, which makes the Fit subcompact, Odyssey minivan and Asimo walking robot, reported a 42% surge in quarterly sales to 2.44 trillion yen (€25.4bn).

The earthquake and tsunami in north-eastern Japan and the flooding in Thailand last year disrupted parts supplies and production for all Japanese car-makers.

Honda said solid sales offset the damage from the strong yen, which erodes overseas earnings, as well as higher research expenses.

It stuck to its forecast of 470 billion yen (€4.88bn) profit for the fiscal year through March 2013. That would be double what it earned last year.