Honda report massive profit drop

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Honda has reported a 77% fall in annual profits after a big decline in sales. In the year to 31 March, Japan’s second-largest carmaker made a net profit of 137bn yen ($1.4bn; £981m), down from 600bn yen a year earlier.

Sales at the firm fell 17% to 10 trillion yen, its first decline in nine years. Honda said it now expects sales to continue to decline into 2010.

Honda is now continuing with cost-cutting measures, including the temporary closure of its main UK plant.

Its factory in Swindon shut in February for four months.

Six of its US factories are also seeing temporary closures. Full story…