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Wednesday, 29th July 2009
In Business In Japan,

Japanese car makers post profits

Two Japanese car manufacturers have posted better-than-expected operating profits today (July 29th), in spite of the ongoing recession in the country.

However, the firms still saw net profit fall sharply, with Honda's net profit down 95.6 per cent between April and June.

Despite this, the company still insisted that its profit for the full year to March is set to be around 55 billion yen, a rise of the 40 billion it previously predicted.

On the back of the results, Nissan and Honda both managed to increase or keep previous sales forecasts for the rest of this year.

Nissan saw a loss in net profits but still made an operating profit of 11.6 billion yen - and its profit forecasts for the year remain unchanged at 100 billion yen operating loss.

The recession has hit the car manufacturing sector hard around the globe, as demand for luxury items falls rapidly.

Written by Kimberley Homer.