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Honda CEO says sales have hit bottom

Posted Friday, May 15, 2009, 11:05 am in Employee News

Honda Motor Co’s earnings will hit bottom this year and improve beyond that as demand in the United States returns in the second half, the Japanese automaker’s chief executive said on Friday and Reuters reported.

“The last (January-March) quarter was the nadir, and things will gradually start to improve in the first two quarters (of this year),” Takeo Fukui told Reuters in an interview. “I’m definitely expecting the second half to turn up, and on an annual basis I think this year will be the floor.”

Battered by a sales slump in the United States, its biggest market, Japan’s No.2 automaker lost a net 186 billion yen ($1.95 billion) in the fourth quarter of 2008/09, a reversal from a profit of 25.4 billion yen a year earlier, the news service said. For the year to March 2010, Honda has forecast a 71 percent drop in net profit to 40 billion yen, the story said. (Reuters/Automotive News)
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