Honda FQ1 Net Profit Drops 7%

Honda Motor Co

reported a 7% drop in its fiscal first-quarter net profit. Honda's quarterly net profit fell to Y122.5 billion ($1.2 billion), from Y131.7 billion, in the year-ago period. Its revenue increased 16% to Y2.83 trillion, while operating profit climbed 5% to Y185.0 billion. However, analysts were expecting a net profit of Y144.5 billion on revenue of Y2.804 trillion. Honda shares closed at $37.42 yesterday.