TOKYO Japan's Honda Motor Co posted a smaller-than-expected drop in first-quarter operating profit and hiked its full-year outlook on Wednesday, as a weaker yen helped ease some of the pain from curtailed production and increased material costs.
The operating profit for the three months ended June 30 fell 9 per cent to 222.2 billion yen ($.65 billion) compared to the average estimate of 200.2 billion yen in a poll of 10 analysts by Refinitiv.
In the same period a year ago, Honda reported a 243.2 billion yen profit.
It raised its operating profit forecast to 830 billion yen from 810 billion yen for the year ending March 31.
Like other automakers, Honda's production was hit by the global semiconductor shortage and China's COVID 19 lockdowns that disrupted supplies of parts.
Honda had to reduce production at domestic factories by as much as 50 per cent during the April-June quarter.
It had said production at those plants would return to normal in early June but then adjusted plans for August hampered by logistical and supply chain snags.