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Honda 2Q net profit up 39 percent, raises full-year forecast

A man checks a Honda motorcycle displayed at the Honda Motor Co. headquarters showroom in Tokyo, Monday, Oct. 31, 2016. Honda says its net profit in the last quarter was 188 billion yen ($1.7 billion), up 39 percent from a year earlier. (AP Photo/Koji Sasahara)
A man checks a Honda motorcycle displayed at the Honda Motor Co. headquarters showroom in Tokyo, Monday, Oct. 31, 2016. Honda says its net profit in the last quarter was 188 billion yen ($1.7 billion), up 39 percent from a year earlier. (AP Photo/Koji Sasahara)

By Associated Press 2 min read

TOKYO (AP) – Honda Motor Co.’s net profit in July-September jumped 39 percent from a year earlier to 177 billion yen ($1.7 billion), helped by strong sales of its sport utility vehicles in China, the company said Monday.

The company on Monday upgraded its forecast for its fiscal full-year net profit to 415 billion yen ($3.96 billion), from an earlier estimate of 390 billion yen.

The Tokyo-based company, which makes the Accord sedan and Asimo robot, expects to sell 4.98 million vehicles in the fiscal year that ends March 31, up slightly from its earlier estimate for 4.92 million and a 5 percent increase from a year earlier.

Sales of motorcycles were expected to fall slightly, while sales of power products are forecast to be flat.

The company said the strong demand for its upgraded Civic sedan and its XR-V and Vezel SUVs in China helped to support its strong performance, despite unfavorable currency trends that pulled its sales down nearly 10 percent from a year earlier in the July-September quarter, to 3.26 trillion yen ($31.1 billion).