Honda announces £1 billion loss


Honda announces £1 billion loss
The Japanese carmaker Honda has announced losses of over £1 billion for the fourth quarter of the financial year.

The company also confirmed sales dropped by a dramatic 35 per cent, but claimed its annual results were still above target.

Honda claimed its net profit for the year to March was £1 billion, almost twice the £570 target set in January.

For the current quarter, up to June this year, the company has said it expects to make a further £780 million loss.

The current economic crisis forced Japan's second-largest car manufacture to pull out of formula one before the start of the current season.

Honda claims it managed to restrict greater losses by cutting spending as well as research and development funding.

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