Honda’s profit more than triples on sales growth, US tax cut

Honda lifted its annual forecast through March to ¥1 trillion, up from ¥616.5 billion the previous fiscal year. (AP)
Updated 02 February 2018
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Honda’s profit more than triples on sales growth, US tax cut

TOKYO: Honda Motor’s profit for the fiscal third quarter more than tripled from what it earned last year as its sales grew and profits got a perk from a US tax cut, the Japanese automaker said Friday.
Tokyo-based Honda, which makes the Accord sedan, Odyssey minivan and Asimo robot, reported October-December profit totaling ¥570.2 billion, up from ¥168.8 billion yen the previous year.
Quarterly sales grew 13 percent to ¥3.96 trillion.
Honda lifted its annual forecast through March to ¥1 trillion, up from ¥616.5 billion the previous fiscal year on continued sales growth and a favorable exchange rate.
Honda previously projected fiscal year profit of ¥585 billion.
Honda’s results have been hammered by costs related to a massive recall of air bags made by Takata Corp.
Takata has been forced into bankruptcy. Although almost all the global automakers were affected by the Takata recalls, Honda had been among its biggest customers.
The worldwide death toll linked to the defective Takata air bags rose to 22 in January. Honda Malaysia said a person in that country died New Year’s Day from a crash of a vehicle that had a faulty Takata air-bag inflator. The Honda vehicle had been sold and so the recall was not completed, the company said.


BP and SOCAR sign new Azeri oil deal

Updated 19 April 2019
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BP and SOCAR sign new Azeri oil deal

  • The Azeri Central East (ACE) platform, the latest phase of Azerbaijan’s giant Azeri-Chirag-Guneshli (ACG) oilfields extension program, is expected to produce 100,000 barrels of oil a day
  • BP and the government of Azerbaijan extended their agreement to continue developing the ACG fields until 2050 in a major deal in 2017

BAKU: Oil major BP and Azerbaijan’s state energy company SOCAR signed an agreement on Friday to build a new exploration platform for the South Caucasus nation’s three major oilfields, BP-Azerbaijan said in a statement.
The Azeri Central East (ACE) platform, the latest phase of Azerbaijan’s giant Azeri-Chirag-Guneshli (ACG) oilfields extension program, is expected to produce 100,000 barrels of oil a day and cost $6 billion to build, the company said.
The project is one of the biggest upstream investment decisions to have been signed in Azerbaijan so far this year.
The ACG fields, which to date have produced around 3.5 billion barrels of oil, are estimated to have the potential to yield another 3 billion barrels.
BP’s main aim now would be to maximize the extraction of remaining reserves, Robert Morris, senior analyst at Wood Mackenzie, said in a statement.
“ACE is central to those plans, adding 100,000 barrels per day of production at peak in the mid-2020s,” he said.
BP and the government of Azerbaijan extended their agreement to continue developing the ACG fields until 2050 in a major deal in 2017.
Separately, SOCAR and its partners at the BP-led ACG consortium plan to participate in a tender to acquire stakes being sold by two of its members, ExxonMobil and Chevron.
SOCAR President Rovnag Abdullayev made the announcement to reporters following a meeting of senior SOCAR figures on Friday.