TOKYO, Nov 9(Reuters) – Japan’s Honda Motor Co (7267.T) on Wednesday posted a smaller-than-expected 16% rise in second-quarter profit, helped by higher pricing and a weak yen, even as the semiconductor shortage disrupted vehicle production.
Operating profit totalled 231.2 billion yen ($1.59 billion)in the three months to end-September, short of the average estimate of 243.3 billion yen in a poll of 10 analysts by Refinitiv. The same period a year earlier, the company earned 198.9 billion yen.
Honda raised its full-year operating profit forecast to 870 billion yen from 830 billion yen for the year ending March 31 mainly helped by weak yen. That compares with a 922.05 billion yen average forecast by 24 analysts.
The automaker was forced to consistently cut vehicle production at two domestic factories as COVID-19 outbreaks and semiconductor shortages caused delays in parts shipments. Production of its Vezel sport-utility vehicle, Stepwgn minivan and Civic compact car were all hit.
Its global vehicle production for the first six months of financial year was down 6.1% year on year while domestic production was up 5.5% year on year.
($1 = 145.7500 yen)
Reporting by Satoshi Sugiyama; Editing by David Dolan
Our Standards: The Thomson Reuters Trust Principles.