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TOKYO, May 12, 2020 - (JCN Newswire) - Honda Motor Co., Ltd. announced its consolidated financial results for the fiscal fourth quarter and the fiscal year ended March 31, 2020.
The spread of COVID-19 pandemic has stagnated both consumer spending and the economic activities of businesses on a global basis, and future prospects remain uncertain at this moment. Amid such circumstances, production, sales and other Honda business activities are being impacted in all regions, and consolidated financial results for the fiscal fourth quarter and the fiscal year ended March 31, 2020 stated below reflects such impact.
Consolidated sales revenue for the fiscal fourth quarter (January 1, 2020 through March 31, 2020) amounted to 3,458.0 billion yen, a decrease of 14.6% compared to the same period last year, due primarily to a decrease in sales revenue from automobile business. This was despite an increase in sales revenue from financial services business and other factors.
Consolidated operating profit for the fiscal fourth quarter amounted to - 5.6 billion yen (operating loss), a decrease of 47.9 billion yen compared to the same period last year, due primarily to a decrease in profit related to changes in sales revenue and model mix. This was despite the fact that operating profit from motorcycle business during the fiscal fourth quarter experienced a year-on-year increase due primarily to continuing cost reduction and a decrease in selling, general and administrative (SG&A) expenses.
Consolidated operating profit for the fiscal fourth quarter excluding currency effects, one-time issues and the impact of the spread of COVID-19 pandemic can be estimated to be a year-on-year increase of 32.4 billion yen. One-time issues include the impact of changes being made to automobile production operations. The impact of the spread of COVID-19 pandemic includes a decrease in unit sales, an increase in provision for sales incentives and an increase in provision for credit losses for financial services business.
Consolidated sales revenue for the fiscal year (April 1, 2019 through March 31, 2020) amounted to 14,931.0 billion yen, a decrease of 6.0% compared to the previous fiscal year, due primarily to a decrease in sales revenue from automobile business and negative foreign currency translation effects. This was despite an increase in sales revenue from the financial services business and other factors.
Consolidated operating profit for the fiscal year amounted to 633.6 billion yen, a decrease of 12.8% compared to the previous fiscal year, due primarily to a decrease in profit related to changes in sales revenue and model mix and negative currency effects. This was despite continuing cost reduction and a decrease in SG&A expenses.
Consolidated profit before income taxes for the fiscal year amounted to 789.9 billion yen, a decrease of 19.3% compared to the previous fiscal year. Consolidated profit for the fiscal year attributable to owners of the parent amounted to 455.7 billion yen, a decrease of 25.3% compared to the previous fiscal year.
Consolidated operating profit for the fiscal year in real terms, excluding currency effects, one-time issues and the impact of the spread of COVID-19 pandemic can be estimated to be a year-on-year increase of 100.8 billion yen.
The quarterly dividend for the fiscal fourth quarter will be 28 yen per share, and the total dividends to be paid for the fiscal year ended March 31, 2020 will be 112 yen per share, an increase of 1 yen per share compared to the previous fiscal year.
For more information, visit https://bit.ly/2xYWYHs.
Topic: Press release summary
Source: Honda Motor Co, Ltd
Sectors: Automotive
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From the Asia Corporate News Network
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