Honda announced the financial year 2022 balance sheets covering the period April 2022-March 2023 to the public.
Accordingly, Honda’s fiscal 2022 net profit was recorded as 695.2 billion yen ($5.2 billion), down 1.7 percent from the previous fiscal year.
Operating profit fell 3.7 percent to 839.4 billion yen ($6.24 billion) in the last fiscal year, with sales revenues up 16.2 percent to 16.9 trillion yen ($125.8 billion).
Rising raw material costs, the semiconductor supply problem and the restrictions caused by the Kovid-19 applied in China for a while affected the net profit decline.
It was emphasized that the decrease in vehicle sales figures up to 28 percent in the US market and up to 20 percent in the Chinese market was also effective in this situation.
Honda sold 3.69 million vehicles in fiscal year 2022.
new fiscal year
Honda expects net profit to rise to 800 billion yen ($5.94 billion) in fiscal 2023, which ends in March 2024.
The Japanese company aims to sell 4.35 million vehicles in the said period.
“Semiconductor supply is expected to recover gradually from the first half of fiscal 2023 to the second half and return to normal in fiscal 2024 and beyond,” Honda Vice President Aoyama Shinji said at an online press conference.