UPDATE: Honda Reports 88% Drop In Profit, Raises Full-Year Forecast

Honda Motor Co (NYSE:

) reported an 88% decline in its quarterly profit and lifted its full-year outlook. Honda reported its April-June profit at 31.7 billion yen ($406 million), down from 272.4 billion yen, in the year-ago period. Honda now projects a 230 billion yen ($2.9 billion) profit for the fiscal year ending March 2012, up from its earlier forecast of 195 billion yen ($2.5 billion). Honda also raised its annual sales forecast to 8.7 trillion yen ($112 billion), up from its previous forecast of 8.3 trillion yen ($106 billion). Honda shares gained 0.71% to close at $39.78 on Friday.