Honda confident despite profit slide

TOKYO: Honda's quarterly profit dwindled to 7.5 billion yen ($79.8 million) but the automaker raised forecasts for the full year on optimism about better auto sales.

Honda Motor Co said yesterday its April-June quarter profit plunged 96 percent from 173.3 billion yen a year earlier, battered by slumping car sales and a strong yen, which offset benefits from cost cuts.

The results for the fiscal first quarter were better than the flood of red ink some analysts had forecast.