RTTNews | Aug 5, 2020 04:40AM EDT

04:40 Wednesday, August 5, 2020 (RTTNews.com) - Japanese automaker Honda Motor Co. Ltd. (HMC) reported Wednesday that its first-quarter loss attributable to owners of the parent was 80.8 billion Japanese yen, compared to prior year's profit of 172.3 billion yen.

The impact of the COVID-19 pandemic was estimated to be approximately 440.0 billion yen.

Operating loss was 113.6 billion yen, compared to last year's profit of 252.4 billion yen. This was despite a decrease in selling, general and administrative expenses.

Sales revenue declined 46.9 percent to 2.12 trillion yen from 4 trillion yen a year ago, due primarily to a decrease in sales revenue from all businesses with weak sales volume.

Further, the company announced quarterly dividend for the fiscal first quarter of 11 yen per share, a year-on-year decrease of 17 yen per share. Total dividends for the fiscal year planned would be 44 yen per share.

Looking ahead for fiscal 2021, Honda plans to achieve attributable profit of 165 billion yen, operating profit of 200.0 billion yen and sales revenue of 12.80 trillion yen, although the future outlook remains uncertain due to the impact of the COVID-19.

In the prior year, the company's attributable profit was 455.7 billion yen, operating profit was 633.6 billion yen and sales revenue was 14.93 trillion yen.

Honda said it is expecting to recover from the unfavorable impact of the COVID-19 toward the end of the fiscal year. However, the current fiscal year forecast for profit before income tax includes an approximately 665.0 billion yen impact of the COVID-19.

In Japan, Honda shares traded at 2,827 yen, up 2.17 percent.

Read the original article on RTTNews ( https://www.rttnews.com/3118281/honda-motor-slips-to-q1-loss-warns-on-fy21-results.aspx)

For comments and feedback: contact editorial@rttnews.com

Copyright(c) 2020 RTTNews.com All Rights Reserved