Oct. 28 (Bloomberg) -- Honda Motor Co., Japan’s second- biggest carmaker, rose the most in three months in Tokyo trading after almost tripling its full-year profit forecast on increasing sales in China and Japan.Honda gained as much as 4.9 percent to 2,985 yen and traded at 2,965 yen as of 9:39 a.m. in Tokyo. Japan’s Topix index fell 0.1 percent. Honda expects net income of 155 billion yen ($1.7 billion) in the year ending March 31, compared with an earlier forecast of 55 billion yen, it said in a statement yesterday.
The carmaker raised its full-year forecast for global vehicle sales 3.2 percent to 3.4 million after governments spurred demand by offering car buyers rebates and tax cuts. Honda increased second-quarter sales in China and Japan, helping offset declines in Europe and the U.S.
“Honda has more confidence from the recovery of demand from China and other emerging markets,” Yasuhiro Matsumoto, a senior analyst at Shinsei Securities Co. in Tokyo, said in a Bloomberg television interview today.
The Tokyo-based carmaker posted a 54 billion profit for the second quarter ended Sept. 30, exceeding analyst estimates.
Honda’s sales in Asia outside Japan rose 22 percent in the July-September period to 249,000 vehicles, helped by surging demand for automobiles in China. Sales grew 3.9 percent in Japan, where the government is offering buyers rebates of as much as 250,000 yen to trade in older vehicles for new, more fuel- efficient models.
To contact the reporter on this story: Makiko Kitamura in Tokyo at mkitamura1@bloomberg.net
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