Honda has released its results for the first quarter of its 2020/2021 financial year (the period ending June 30) stating that, not surprisingly, "business stagnated and demand declined significantly on a global basis due to the COVID-19.
"Production and sales activities of all Honda operations were impacted, as a result, sales and profit for the fiscal first quarter experienced a year-on-year decrease. In forecast terms, the future outlook remains uncertain, but we plan to achieve an operating profit of 200.0bn yen and profit before income taxes for the current financial year."
They plan to do so by "further strengthening our company-wide initiatives to improve earnings. Quarterly dividend for the fiscal first quarter will be 11 yen per share (a year-on-year decrease of 17 yen per share); total dividends paid for the fiscal year planned to be 44 yen per share."
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Total corporate consolidated sales revenue was 2,123.7bn yen (a year-on-year decrease of 46.9%) due primarily to a decrease in sales revenue from all businesses. Operating loss was 113.6bn yen (a year-on-year decrease by 366.1bn yen); loss before income taxes: 73.4bn yen; the impact of the COVID-19 is estimated to be approximately 440.0bn yen.
Honda's motorcycle business sales revenue was 274.2bn yen (a year-on-year decrease of 258.7bn yen), due primarily to a decrease in unit sales, mainly in Asia.
Motorcycle operating profit was 11.2bn yen (a year-on-year decrease of 58.6bn yen). Despite a decrease in unit sales, profit was still made, primarily due to a decrease in R&D and SG&A expenses.
Consolidated unit sales of motorcycles were 1.221 million units, compared to 3.264 million for the year-ago quarter; for the 2019/2020 full year consolidated motorcycle unit sales were 12.426 million, and Honda is now forecasting 9.715 million for 2020/2021.
