FILE - In this April 20, 2013 file photo, Honda Motor Co. President and Chief Executive Takanobu Ito, right, and Seiji Kuraishi, president of Honda Motor (China), pose for photographers with the company's new Concept M at the Shanghai International Automobile Industry Exhibition (AUTO Shanghai) media day in Shanghai, China. Honda's fiscal fourth quarter profit rose nearly 6 percent as the Japanese automaker's recovery from floods in Thailand the previous year offset recent sales losses in China. Honda reported Friday, April 26, a quarterly profit of 75.7 billion yen ($765 million), up from 71.5 billion yen the same period the previous year. Quarterly sales jumped 14 percent to 2.74 trillion yen ($27.7 billion). (AP Photo/Eugene Hoshiko, File)
By Yuri Kageyama
The Associated Press
Honda’s fiscal fourth quarter profit rose nearly 6 percent, the Japanese reported Friday.
Honda Motor Co.’s profit climbed to 75.7 billion yen ($765 million), up from 71.5 billion yen the same period the previous year. Quarterly sales jumped 14 percent to 2.74 trillion yen ($27.7 billion).
A weak yen is good news for Japanese exporters like Honda, as it raises the value of overseas earnings and helps bring down its product prices abroad. Such benefits are expected to grow over the coming months for all Japanese automakers.
The dollar has been approaching 100 yen levels, up by more than 20 percent from late last year.
For the fiscal year ended March 31, the maker of the Odyssey minivan, Acura sedan and Asimo robot reported a 367 billion yen ($3.7 billion) profit, up a solid 73.6 percent on year.
The company is expecting to do even better this fiscal year through March 2014, with a 580 billion yen ($5.8 billion) profit.
The news has an impact on Ohio. Honda Manufacturing of America has more than 13,000 workers in the state, including about 1,300 residents in the Dayton-Springfield area who commute to Honda plants in Logan and Union counties, as well as a distribution center in Troy
Honda expects to sell 4.43 million vehicles for the fiscal year through March 2014. It sold 4 million vehicles for the fiscal year ended March 31.
It is also expecting to sell 17.4 million motorcycles around the world, up from 15.5 million.