Japanese automaker Honda Motor Co. reported a 12 percent rise in its January-March profit thanks to growing sales and cost cutting. Tokyo-based Honda said Friday it posted a January-March profit of 107.7 billion yen ($988 million), up from 95.9 billion yen a year earlier. That's on sales of 3.9 trillion yen ($36 billion), up 4 percent. Honda's annual profit soared nearly 72 percent to 1.06 trillion yen ($9.7 billion), helped by a reduction of corporate tax rates in the U.S. It sold nearly 5.2 million vehicles around the world for the fiscal year, up from 5 million the previous fiscal year.

Source: ABC News April 27, 2018 07:13 UTC