Honda Motor Co posts $276 mn loss in March quarter due to coronavirus, lockdown; sales decline 15%
Japanese automaker Honda Motor Co. sank deeper into losses for the fiscal quarter that ended in March, as the damage to the industry from the coronavirus outbreak hurt sales and crimped production
Tokyo: Japanese automaker Honda Motor Co. sank deeper into losses for the fiscal quarter that ended in March, as the damage to the industry from the coronavirus outbreak hurt sales and crimped production.
Tokyo-based Honda reported Tuesday a January-March loss of 29.5 billion yen ($276 million).
The maker of the Odyssey minivan and Asimo robot had reported a 13 billion yen loss for the same period in 2019, when it was hurt by various expenses and an unfavorable exchange rate.
Quarterly sales declined almost 15 percent to nearly 3.5 trillion yen ($32 billion).
Honda, which also makes motorcycles, did not provide forecasts for the current fiscal year because of uncertainties caused by the pandemic.
It said it will give projections as soon as possible.
Honda stressed it was putting the safety of its workers, dealers, suppliers and customers first.
Rival Toyota Motor Corp. also reported dismal earnings earlier in the day. Japan's top automaker logged a net profit of 63.1 billion yen ($590 million) for the quarter ended in March, nose-diving 86 percent from the year before.
Nissan Motor Co, whose fortunes have been rocky since its former chairman Carlos Ghosn was arrested and then escaped to Lebanon while awaiting trial, reports financial results later this month.
India logs 17,336 new COVID-19 cases in last 24 hours, up 30% from yesterday; positivity rate jumps to 4.32%
Delhi and Maharashtra reported the maximum number of COVID-19 cases in the last 24 hours. As many as 13 people died of COVID-19, increasing the cumulative casualty due to the virus in the country to 5,24,954
The 81-year-old Fauci, who is fully vaccinated and has received two booster shots, was experiencing mild COVID-19 symptoms. He tested positive on a rapid antigen test
Delhi on Monday reported 614 new COVID-19 cases and zero death due to the disease, while the positivity rate stood at 7.06 per cent