Honda Profits Up 16%

Toyota Motor Corp is not the only Japanese company that knows how to make money.

Honda Motor Co. does it pretty well, too.

Profits for the maker of the Civic, Accord, Odyssey and CRV vehicles reported a 16% increase in profit for the April-June quarter.

Net income was 166.1 billion ($1.38 billion). Sales were up 13% to 2.93 trillion ($24.4 billion).

Big sales in Europe and Asia and the yen's depreciation against the dollar and euro made overseas earnings even more valuable.

Honda predicts its profits will grow by another 5.5% to

$5.21 billion for this fiscal year.

It's the smaller cars delivering good gas mileage!

Hey GM, Ford, DaimlerChrysler! Are you listening?

Probably not…too busy restructuring.