Honda Motor Co., Ltd. says that its consolidated sales revenue for the fiscal first quarter (April 1, 2019 through June 30, 2019) amounted to 3,996.2bn yen, a decrease of -0.7% compared to the same period last year, due primarily to a decrease in sales revenue in its automobile and motorcycle businesses as well as unfavourable foreign currency effects.
Consolidated worldwide motorcycle sales were 3.264m units for the quarter, which was -0.351% on the year ago quarter (4.921m units on a group-wide unit basis, -0.431%).
Consolidated operating profit for the fiscal first quarter amounted to 252.4bn yen, a decrease of -15.7% compared to the same period last year, due primarily to an increase in selling, general and administrative (SG&A) expenses. A decrease in profit related to changes in sales volume and model mix resulting from a decrease in automobile unit sales in U.S. and a decrease in motorcycle and automobile unit sales due to the slowdown of the Indian market, as well as unfavourable foreign currency effects. This was despite cost reduction efforts.
Consolidated profit before income tax for the fiscal first quarter amounted to 289.8bn yen, a decrease of -19.1% compared to the same period last year.
The previously announced forecast for consolidated sales revenue for the current fiscal year (April 1, 2019 through March 31, 2020) was revised downward by 50.0bn yen to 15,650.0bn yen, mainly to reflect the downward revision of the forecast for automobile unit sales in India.
Despite the downward revision of the forecast for automobile unit sales in light of uncertainties in emerging markets, the forecast for operating profit remains the same, 770.0bn yen, due to an increase in the forecast of motorcycle unit sales in some countries such as Vietnam and the further improvement in the business structure.
June this year saw Honda celebrating the 60th anniversary of its racing heritage at this year's Isle of Man TT. In 1954 company founder Soichiro Honda declared his intention that the company should enter the legendary Isle of Man TT in the FIM 1 Road Racing World Championship Grand Prix (WGP), the premier class at the time.
For the next five years Honda developed their first racing machines, and on June 3, 1959 became the first Japanese motorcycle manufacturer to enter the Isle of Man TT with Junzo Suzuki, Naomi Taniguchi, Giichi Suzuki and Teisuke Tanaka riding their RC142 racing bikes in the 125 cc class.
The rest, as they say, is history!
