TOKYO -- Honda Motor said Wednesday that group net profit will plunge 64% to 165 billion yen ($1.56 billion) for the year ending March 2021, as the coronavirus batters its usually lucrative motorcycle business.
Honda logged its first-ever net loss for the April-June quarter of 80.8 billion yen, according to earnings results announced Wednesday. The vehicle maker expects revenue for the full year to fall 14% to 12.8 trillion yen. Annual dividends will be reduced 60% to 44 yen a share, the first cut in 11 years.
