TOKYO—Honda’s profit for the fiscal year that ended in March dropped 1.7 percent as sales took a hit from a semiconductor shortage and restrictions in China related to the coronavirus pandemic.
But the Japanese automaker said Thursday that recovery was on the way, forecasting record sales and operating profitability for the current fiscal year.
Net profit for the fiscal year that just ended totaled 695.2 billion yen ($5.2 billion), as declining auto sales and rising research costs offset the perks of a favorable currency exchange rate.
A cheap yen is a plus for Japanese exporters like Honda because it raises the value of overseas revenue when it is converted into yen….