Japan’s Honda records lower profit, projects recovery ahead on sales rebound

By YURI KAGEYAMA
AP Business Writer

TOKYO (AP) — Honda’s profit for the fiscal year that ended in March has dropped 1.7% as sales took a hit from a semiconductor shortage and restrictions in China related to the coronavirus pandemic. But the Japanese automaker says recovery is on the way, forecasting record sales and operating profitability for the current fiscal year. Net profit for the fiscal year that just ended totaled 695.2 billion yen, or $5.2 billion, as declining auto sales and rising research costs offset the perks of a favorable currency exchange rate. Sales for the fiscal year grew 16%, lifted by healthy motorcycle sales.