Honda profits surge

Honda Motor Co. Ltd., spurred by a weaker yen and stronger than expected sales of new models, reports that its pre-tax profit for the first half of its fiscal year ended Sept. 30 quadrupled from a year earlier to 162.4 billion [yen] ($1.45 billion). Vice President Yoshihide Munekuni says Honda should earn about 345 billion [yen] ($.1 billion) pretax for the year ending March 31, 1997. Of the 92 billion [yen] improvement for the first half. Honda officials say two-thirds was due to the drop in the yen from about 85 [yen] to the U.S. dollar in 1995 to about 110 [yen] in the first six months of the current fiscal year. Honda expects to sell 2.2 million vehicles in the current year, up from 1.9 million in fiscal 1996. Indeed, U.S. sales of its Civic are so strong it is importing 30,000 from Japan because its East Liberty, OH, plant can't keep up with demand.