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Japan automaker Honda reports profit rise despite pandemic

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TOKYO – Japanese automaker Honda reported Friday that its profit rose 23% in the last quarter, despite a pandemic that has slammed businesses around the world.

Tokyo-based Honda Motor Co. said its July-September profit was 240.9 billion yen ($2.3 billion), up from 196.5 billion yen a year earlier, as the auto market recovered in some parts of the world.

Honda said it carried out aggressive cost cuts that involved a “fundamental review” of its operations. The situation was also improving from earlier this year, when lockdowns and other problems related to COVID-19 caused disruptions of some production and an inventory crunch.

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