Honda profit hits the skids

Tokyo - Honda said on Tuesday that profit for the fiscal year to March 2012 is expected to plunge 63.5%,  as vehicle sales slipped amid a parts shortage caused by the earthquake and tsunami in northeastern Japan.

Honda Motor Co gave the forecast on Tuesday, more than a month later than usual. Like other Japanese automakers, the maker of the Odyssey minivan and the Fit compact needed more time to assess the aftermath of the March 11 disaster.

Honda is projecting a profit of ¥195bn ($2.4bn) for the fiscal year ending March 2012, down sharply from ¥534 bn recorded the previous fiscal year.