Japanese Automaker Honda Reports Profit Drop as Sales Slip

Honda posted a 6.7% decline in July-September profit as vehicle and motorcycle sales plunged and an unflattering exchange rate hurt earning at the Japanese automaker.

Honda Motor Co. reported Friday its fiscal second-quarter profit added up to 196.5 billion yen ($1.8billion), down from 210.7 billion yen the previous year.

The Japanese automaker said higher income tax expenses also hurt results.