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Empresas y finanzas

Honda Q3 profit tumbles 63 percent, cuts forecast again


    TOKYO (Reuters) - Honda Motor Co posted a 63 percent fall in quarterly operating profit and lowered its annual profit forecasts for the fourth time this year as a stubborn slide in global car sales forced it to make further output cuts.

    Japan's second-ranked automaker forecast an operating profit for the year to the end of March of 140 billion yen ($1.6 billion), down from a record 953 billion yen last year and down from a previous forecast of 180 billion yen.

    A median forecast from 17 brokerages surveyed by Reuters Estimates predicted full-year operating profit of 135 billion yen and net profit of 167 billion yen.

    The spreading global recession has dealt a severe blow to the auto industry as consumers, fearing for their jobs, put off buying big-ticket items. Tightening credit has also made it difficult for potential buyers to get financing.

    Honda posted an October-December operating profit of 102.45 billion yen and a net profit of 20.24 billion yen. A year ago, it made an operating profit of 276.24 billion yen and net profit of 200 billion yen.

    Shares of Honda rose 6.3 percent in October-December, beating a 3.6 percent drop in Tokyo's transport sub-index .

    ($1=89.59 Yen)

    (Reporting by Chang-Ran Kim)