Honda Motor Co. posts $276 mn loss in March quarter

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 on 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.

 

Asianet.in/ Desk: Asianet Online