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Honda forecasts 63% drop in profit

Honda Motor Co has said its full-year profit is projected to drop by a bigger-than-estimated 63%, citing output disruptions following the nation's record earthquake in March and the strong yen, Bloomberg has reported. Japan's third-largest carmaker predicted a larger decline in profit than Toyota, as both companies work to restore full operations after the earthquake and tsunami on March 11 damaged parts factories and caused power shortages. "The outlook is worse than I expected," Koji Endo, an analyst at Advanced Research Japan in Tokyo, said. "It seems as though Honda won't be able to recover in the second half, even though Toyota and Nissan may be able to."