Honda’s profit climbs on growing sales, cost cutting

TOKYO — Japanese automaker Honda Motor Co. has reported a 12 per cent rise in its fiscal fourth quarter profit thanks to growing sales and cost cutting. Tokyo-based Honda said Friday it posted a January-March profit of 107.7 billion yen ($988 million), up from 95.9 billion yen a year earlier. That’s on sales of 3.9 trillion yen ($36 billion), up 4 per cent. Honda, which makes the Odyssey minivan and Asimo robot, says the results were achieved despite some unfavourable currency moves. The company also suffered from costs related to a massive recall caused by faulty air-bag inflators made by Takata Corp. Honda was among Takata’s biggest customers.

But that was offset by strong sales, especially of motorcycles, in other Asian nations such as India and Vietnam, in the fiscal year that ended in March.