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Slowing U.S. Sales Depress Honda Profits
Honda reported that its consolidated net income for the fiscal second quarter ended September 30, 2004 totaled $1.145 billion, down 7.5% from the corresponding period in 2003.
In its financial statement, Honda said its North American revenue decreased by 5.9% from the previous year to $9.893 billion due to the "negative impact of the appreciation of the yen against the U.S. dollar" and slowing sales in North America.
Honda's gross for the second quarter was up to $18.8 billion, however, thanks to cost cutting and strong sales in markets in Asia and South America, the company said. This represents an increase of 3.8% over the same period a year earlier.
Honda's worldwide sales of four-wheel vehicles reached 794,000 units, a record surpassing a previous high of 793,000 units reached during quarter ended in March. Its motorcycle divisions are also recording solid sales increases, particularly in Asia.
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