Honda, Mazda Post First-Half Profit

Honda Motor Co. said group profit rose 25.1% in its fiscal first half to $1.29 billion, and Mazda Motor Corp. posted a profit for the period for the first time since 1991. The two auto makers attributed their increased earnings to a weak yen and robust sales in North America and Europe. Honda said sales rose 12.1% to $25.68 billion. Domestic sales dropped 8.7%, but overseas sales jumped 20.9%. Honda expects its profit for the full year to rise 8% to $2.29 billion. Mazda reported a profit of $69.7 million for the period, contrasted with a loss of $79.2 million a year ago. Cost reductions as well as currency gains helped results, it said. Group sales rose 3.6% to $8.7 billion. Domestic sales fell 3.3%. Mazda expects to post a profit of $262.3 million for the full year, contrasted with a loss of $55.5 million last year. Meanwhile, Toyota Motor Corp., Japan’s largest auto maker, said it expects 1998 earnings to be slightly below last year’s because of plummeting domestic sales, but it said strong growth overseas will temper the decline.