Honda Posts Strong Profits

Amy Bickers
Voice of America
August 2, 2002

Japanese automaker Honda Motor achieved its best-ever quarterly profit in the three months to June. It earned $900 million in that period, up 20 percent from one year ago.

Japan's second largest automaker attributes its healthy performance to strong sales in the United States and a favorable exchange rate. Like its competitors, Honda forecasts that the recent appreciation in the yen will not hurt the company's business.

Toyota, the world's third largest car maker, raised its global sales target for this year to more than 6.2 million vehicles. Toyota officials say that popular models such as the Corolla are boosting sales in Europe, Asia and the United States.

Toyota's president, Fujio Cho, told reporters that the sharp decline in U.S. stock prices has not damaged his company's sales. However, the auto giant says it may restructure its domestic operations, due to falling demand at home.

This article is an excerpt from "Japan Business Wrap: Honda Posts Strong Profits."