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Honda 2Q profit rises 63 per cent on solid sales of fuel efficient cars

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Honda says its profit shot up 63 per cent in its fiscal second quarter.

Net income at Japan's number-two car maker climbed to US$1.83 billion.

That's up from US$1.11 billion in the same period a year ago.

The automaker says group sales grew 13 per cent to just over US$26 billion to achieve its seventh consecutive sales record.

The results show Honda's CRV sport-utility vehicle and smaller models attracted consumers despite rising gas prices, keeping the company's business on track.

The company also says cost reduction efforts contributed to its profit growth despite heavier depreciation costs on investments in plants and equipment to ramp up production capacity.

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Honda 2Q profit rises 63 per cent on solid sales of fuel efficient cars
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