RTTNews | Feb 9, 2021 02:05AM EST

02:04 Tuesday, February 9, 2021 (RTTNews.com) - Japanese automaker Honda Motor Co. Ltd. (HMC) reported Tuesday that its third-quarter profit attributable to owners of the parent increased 144 percent to 284.05 billion Japanese yen from last year's 116.43 billion yen.

Earnings per share amounted to 164.51 yen, higher than 66.37 yen a year ago.

Operating profit increased 66.7 percent from the prior year to 277.7 billion yen, due mainly to decreased R&D expenses as well as continuing cost reduction.

Profit before income taxes increased 86.9 percent to 386.4 billion yen.

Consolidated sales revenue edged up 0.6 percent to 3.772 trillion yen from 3.748 trillion yen last year. The results mainly reflected increased sales revenue in Automobile business and Financial services business operations.

Further, Honda Motor said its previously announced forecast for profit for the fiscal year attributable to owners of the parent was revised upward by 75.0 billion yen to 465.0 billion yen, a year-on-year increase.

The company's previously announced forecast for consolidated operating profit was revised upward by 100.0 billion yen to 520.0 billion yen. This was despite the impact of both the COVID-19 pandemic and the shortage of semiconductor supply.

The company also revised upward its earlier announced forecast for total dividends to be paid for the fiscal year by 14 yen per share to 82 yen per share. The quarterly dividend for the fiscal third quarter will be 26 yen per share.

In Japan, Honda Motor shares were trading at 2,977 yen, down 1.19 percent.

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