Asian automakers are seeing profits soar despite strengthening foreign currency and a slower-than-expected global recovery.
Honda said Friday its second quarter profit more than doubled to 135.93 billion yen (US$1.68 billion) from 54 billion yen in 2009, according to the Associated Press.
The Tokyo-based company even lifted its profit forecast for the full year through March 2011 to 500 billion yen (US$6.2 billion). Should it hit the mark in five months, it would mark an 86 per cent leap over the previous year’s totals.
Quarterly sales at Honda rose 9.5 per cent to 2.252 trillion yen ($27.9 billion). The maker of the Civic said global vehicle sales rose to 898,000 units during the quarter marking a 7.2 per cent improvement year-over-year.
Honda wasn’t the only import revealing strong numbers today as Mazda's second quarter net profit surge to 7.62 billion yen ($94.4 million) thanks to increases sales in a number of key markets.
The Hiroshima-based manufacturer even raised its profit forecast for the full year through March 2011 to 6 billion yen ($74.3 million). Quarterly sales remain strong with a 3.1 per cent jump to $7.18 billion.
Thanks to growth in North America, China and Thailand, Mazda sold 342,000 vehicles globally during this past quarter, a gain of nearly 8 per cent from the year before.
Published reports indicate the automakers have seen Japanese sales improve thanks to hefty tax breaks and government-backed incentives for buying fuel-efficient cars.
Asia’s other major brands, Nissan and Toyota, are expected to report quarterly results on Nov. 4 and 5 respectively.
- with files from The Associated Press