Honda Motor Co. on Tuesday posted a 77.2% drop in its fiscal year income, in part because of a stronger Japanese currency. Honda saw a net income of 137.0 billion yen ($1.4 billion) for the fiscal year ended in March 2009. Net sales reached 10.0 trillion yen. A year ago, the company earned income of 600.0 billion yen and sales of 12.0 trillion yen. In January, Honda cut its results forecasts for the fiscal year to net income of 80 billion yen, down from a forecast in December for income of 185 billion yen. Shares of Honda closed down 2.4% in Tokyo, ahead of the news.

(Source: MarketWatch)