Honda reviews a 17% decline in third-quarter working revenue however raises its full-year steering

©Reuters. FILE PHOTO: Honda Motor Co. logo is displayed at the 44th Tokyo Motor Show in Tokyo, Japan November 2, 2015. REUTERS/Issei Kato

TOKYO (Reuters) – Honda Motor Co on Wednesday raised its full-year operating forecast, helped by cost cutting and a weak yen despite an ongoing global chip shortage.

The company raised its most recent forecast for operating profit to 800 billion yen ($6.93 billion) for the year ended March 31.

Honda, like other automakers, was forced to scale back production plans due to chip shortages.

Still, Honda stuck to its plan to sell 4.2 million vehicles this fiscal year. 4.5 million vehicles were sold in the previous 12 months.

It said third-quarter operating profit fell 17% to 229 billion yen ($1.98 billion) as chip failures slowed auto production.

Profit for the three months to December was higher than a median forecast of 166.2 billion yen based on estimates by nine analysts, data from Refinitiv shows.

($1 = 115.4200 yen)

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