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Honda profits doubles on yen's fall

Tokyo - Honda Motor's net profit more than doubled for the October-to-December period from a year earlier to 160.7bn yen ($1.57bn) due to the yen's depreciation, cost-cutting measures and robust domestic and US sales, the company said Friday.

Honda said its sales rose 24.5% year-on-year to 3.02 trillion yen for the quarter while operating profit jumped 73.2% to 228.5bn yen.

The carmaker also said its global sales grew 9.7% from a year earlier to 1.08 million vehicles for the quarter.

Honda maintained its net profit forecast at 580bn yen and operating profit outlook at 780bn yen for the current financial year to the end of March, while sales were projected at 12.1 trillion yen.

Shares in Honda closed down 0.26% to 3 893 yen Friday ahead of the earnings report, which was released after the markets closed.

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