Honda posts 9% fall in Q1 profit, beats estimate

A Honda Crider Sport Hybrid automobile is seen displayed on the GAC Honda sales space throughout a media day for the Auto Shanghai present in Shanghai, China April 19, 2021. REUTERS/Aly Track

TOKYO, Aug 10 (Reuters) – Japan’s Honda Motor Co (7267.T) on Wednesday posted a better-than-expected 9% drop in first-quarter working revenue, squeezed by COVID-19 restrictions in China that curtailed manufacturing and better materials prices.

Working revenue for the three months ended June 30 fell to 222.2 billion yen ($1.65 billion), beating a median estimate of 200.2 billion yen in a ballot of 10 analysts by Refinitiv.

In the identical interval a 12 months earlier, Honda reported a 243.2 billion yen revenue.

($1 = 134.9800 yen)

Reporting by Satoshi Sugiyama; Modifying by David Dolan

: .