Honda ups FY 2021 net profit outlook amid cost-cutting efforts

© Kyodo News

Honda Motor Co. on Wednesday raised its full-year net profit forecast to 670 billion yen ($5.80 billion) from an earlier projection of 555 billion yen as it increased efforts to cut costs amid an ongoing shortage of chips.

The company also revised upward its operating profit outlook for the current business year through March to 800 billion yen from the previous forecast of 660 billion yen while downgrading its sales projection to 14.55 trillion yen from the earlier estimate of 14.60 trillion yen.

For the nine months ended Dec. 31, its net profit rose 31.1 percent to 582.17 billion yen from a year earlier while sales jumped 11.8 percent to 10.68 trillion yen.