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Honda confident for recovery as Q1 profit jumps

Honda Motor Co has said its quarterly profit surged nearly eight-fold on a rebound in its key North American market, prompting Japan's third-biggest carmaker to reaffirm its full-year earnings outlook and maintain its ambitious global sales target, Reuters has reported. Honda has set a global sales target of 4.3 million vehicles in the financial year to March 2013, up 38.4% from the previous year, with North America to account for about 40% of the total. "While there are various risk factors such as economic conditions and currency moves, as well as a uncertainty over demand, Honda will maintain its forecast," Honda chief financial officer Fumihiko Ike told reporters. "We think that our (April-June) operating profit of ¥176bn ($2.25bn) is basically on track when we compare it with our guideline of ¥620bn for the financial year," he said.