Japanese automaker Honda reports lower profits as China sales decline

AP Business Writer

TOKYO (AP) — Honda said its profits slipped nearly 20% in the first half of the fiscal year from the same period the previous year, as sales suffered in China, the Japanese automaker. Honda Motor Co.’s April-September profits totaled 494.68 billion yen ($3.2 billion), declining from 616 billion yen for the same period the previous year, on 10.8 trillion yen ($70.5 billion) in sales, up from 9.6 trillion yen. Although Honda sold more motorcycles globally in the first fiscal half, boosted by healthy demand in Asia, its car sales fell, especially in China, company officials told reporters. Honda lowered its profit forecast for the fiscal year through March by 50 billion yen ($330 million) to 950 billion yen ($6.2 billion).