TOKYO (Reuters) - Shares in Honda Motor Co Ltd (7267.T: Quote, Profile, Research, Stock Buzz) fell 4.76 percent in early trade on Thursday after Japan's No.2 auto maker cut its annual operating profit forecast by two-thirds due to a firmer yen and tanking global car sales.
Honda shares were down 4.92 percent at 1,798 yen as of 0013 GMT, compared with a 0.58 percent fall in the Nikkei average .N225.
The company now expects an operating profit of just 180 billion yen ($2.06 billion) in the year to March versus the 550 billion yen it forecast in October.
Honda also said on Wednesday it would cut capital spending, delay new plant construction and product launches and reduce its third-quarter dividend.
Automakers everywhere are under enormous pressure to cut costs and save cash to weather the storm as a global recession and tight credit hammer demand.
($1=87.33 yen)
(Reporting by Taiga Uranaka)
http://www.reuters.com/article/ousiv/idUSTRE4BH06E20081218
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