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COVID-19 impact: Honda projects 68% dip in annual profits

Honda's outlook comes after it posted a 113.7 billion yen operating loss for the April-June quarter, stung by weak car sales

twitter-logoReuters | August 5, 2020 | Updated 13:04 IST
COVID-19 impact: Honda projects 68% dip in annual profits

Honda Motor Co on Wednesday forecast a 68% fall in annual operating profit as it anticipates a hit from falling sales as demand for cars has plunged due to the coronavirus pandemic. Japan's No. 3 automaker expects profit to sink to 200 billion yen ($1.89 billion) in the year to end-March 2021, worse than a consensus mean estimate of 260 billion yen in profit from 19 analysts polled by Refinitiv.

Honda's outlook comes after it posted a 113.7 billion yen operating loss for the April-June quarter, stung by weak car sales.

Also read: COVID-19 ushering in change for mobility segment, consumer behaviour will transform: Chandrasekaran

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