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Honda's quarterly profit quadruples to 131.7 billion yen on disaster recovery, sales rise
TOKYO (AP) ¯¯¯ Honda Motor Co. says April-June profit quadrupled to 131.7 billion yen ($1.7 billion) as the Japanese automaker bounced back from last year's natural disasters.
Tokyo-based Honda, which makes the Fit subcompact, Odyssey minivan and Asimo walking robot, reported Tuesday a 42 percent surge in quarterly sales to 2.44 trillion yen ($31.2 billion).
The earthquake and tsunami in northeastern Japan and the flooding in Thailand last year disrupted parts supplies and production for all Japanese automakers.
Honda said solid sales offset the damage from the strong yen, which erodes overseas earnings, as well as higher research expenses.
It stuck to its forecast of 470 billion yen ($6 billion) profit for the fiscal year through March 2013. That would be double what it earned last year.