Honda profit rises for first time in six quarters, raises full-year forecast

In a significant turnaround, Honda Motor reported a rise in profit for the first time in six quarters, attributing the increase to a weaker yen and higher material costs due to the Iran conflict, as well as an offset to declining global sales. The Japanese automaker's operating profit surged more than double to 530.8 billion yen ($3.37 billion) in the April-June period, compared to 244.2 billion yen in the same period last year.

This figure surpassed the median forecast of 302.1 billion yen from nine analysts, according to LSEG. In response to the positive results, Honda has raised its full-year operating profit forecast by 30 per cent, projecting 650 billion yen, up from the previously forecasted 500 billion yen.