Honda’s profit more than doubles to $2.7 billion despite pandemic damage

Honda's fiscal third-quarter profit more than doubled to $2.7 billion from the reported $1.1 billion profit a year earlier, with auto sales increasing in Japan and the US despite the pandemic and other difficulties including computer chip shortages.

Quarterly sales were up by less than one percent to $35.4 billion.

The company also streamlined expenses to boost its bottom line.

Tokyo-based Honda said its motorcycle sales slipped in the three months through December to about 3 million motorcycles from 3.1 million units a year ago.

Auto sales held up, increasing slightly to 809,000 vehicles from 808,000 vehicles.

Honda raised its profit forecast for the year through March to $4.4 billion, up from the previous projection for a $3.7 billion profit.

However, Honda says the outlook remains uncertain because the COVID-29's impact was still unclear.

While the pandemic has mostly affected industries, companies, and regions negatively, some companies, including Honda, have proved to be more resilient than others.

Rival Japanese automakers Toyota Motor Corp. and Nissan Motor Co. also report earnings this week.