Honda returns to quarterly profit despite pandemic damage

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TOKYO (AP) — Honda swung into the black in January-March, recording a 213 billion yen ($2 billion) profit despite the lingering impact of the pandemic. The results released Friday mark a reversal from a 29.5 billion yen loss in the same quarter last year. Quarterly sales rose nearly 5% to about $33 billion. Tokyo-based Honda’s profit rose 44% in the fiscal year that ended in March. Annual sales slipped nearly 12%, but cost cuts supported its bottom line. The results were better than its internal forecasts. The company said its vehicle sales rose in Asia but fell in the U.S. and Europe. Motorcycle sales also recovered in Asia.

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