RTTNews | Nov 6, 2020 03:28AM EST

03:27 Friday, November 6, 2020 (RTTNews.com) - Honda Motor Co., Ltd. (HMC) reported that its second quarter profit attributable to owners of the parent increased year-on-year to 240.9 billion yen from 196.5 billion yen. Earnings per share was 139.53 yen compared to 111.70 yen. Operating profit was 282.9 billion yen, a year-on-year increase of 28.5%. The company said the increase was due primarily to control of SG&A expenses and cost reduction efforts. This was despite a decrease in profit related to changes in sales revenue and model mix.

Second quarter sales revenue were 3.65 trillion yen, a year-on-year decrease of 2.1%. The company said the decrease was due primarily to a decrease in sales revenue from automobile businesses and unfavorable foreign currency translation effects.

Honda Motor said its forecast for consolidated operating profit for fiscal 2021 was revised upward to 420 billion yen from the prior outlook of 200 billion yen reflecting an increase in unit sales and the business constitution built during the fiscal first half.

Second quarter dividend will be 19 yen per share, an increase of 8 yen per share compared to the prior forecast. Total dividends paid for the fiscal year are planned to be 68 yen per share.

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