Honda Motor Co. on Friday cut its net profit outlook for the current business year to 555 billion yen ($4.9 billion) amid output cuts.
Honda's revised forecast from 670 billion yen represents a 15.6 percent fall in net profit for the fiscal year ending March 2022. The carmaker slashed its operating profit projection to 660 billion yen from its earlier forecast of 780 billion yen.
Sales, meantime, are now seen at 14.60 trillion yen, down from its earlier estimate of 15.45 trillion yen. The latest sales outlook still represents a 10.9 percent increase from the previous fiscal year.
For the fiscal first half, Honda reported a 2.4-fold increase in net profit to 389.21 billion yen, and operating profit gained 2.6-fold to 442.20 billion yen. Sales increased 21.0 percent to 6.99 trillion yen.