Japanese automaker Honda reports booming profit on sales growth, weak yen

By YURI KAGEYAMA
AP Business Writer

TOKYO (AP) — Hond has reported that its profit for the fiscal year through March jumped 70% as its vehicle sales grew and a weak yen buoyed overseas earnings. The Japanese automaker reported Friday that its annual profit totaled 1.1 trillion yen, or $7 billion, as sales surged nearly 21%. Weaker sales in China were offset by strong demand in the U.S. market. Honda sold more than 2.8 million vehicles globally, up from 2.3 million a year earlier, with sales growing in Japan, the U.S. and Europe. Honda was less optimistic about this fiscal year, forecasting that its profit will decline nearly 10% due to higher spending on R&D.