Honda Motor Co. on Tuesday reported a 77% drop in its fiscal year income and revenue fell by 17%, hurt by weaker demand for automobiles and strength in the Japanese yen.
Honda saw a net income of 137.0 billion yen ($1.4 billion) for the fiscal year ended in March 2009 and net sales reached 10.0 trillion yen.
A year ago, the company earned income of 600.0 billion yen and sales of 12.0 trillion yen.
In January, the maker of the Accord cut its results forecasts for the fiscal year to net income of 80 billion yen, down from a forecast in December for income of 185 billion yen.
Analysts' median market estimate for net income for the fiscal year just ended matched the company's lowered forecast, according data from FactSet Research.
Looking ahead, the auto maker expects to see net income of 40 billion yen for the fiscal year ending in March 2010. That would be 71% lower than the income from the fiscal year just ended.
Honda also predicts that net sales for the current fiscal year will fall 16.4% to 8.4 trillion yen.
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