Honda Motor Co’s net profit more than doubled for the October-to-December period from a year earlier to ¥160.7 billion ($1.57 billion) due to yen’s depreciation, cost-cutting measures and robust domestic and US sales, the company said on Friday.

Honda said its sales rose 24.5 per cent year-on-year to ¥3.02 trillion for the quarter while operating profit jumped 73.2 per cent to ¥228.5 billion.

The carmaker also said its global sales grew 9.7 per cent from a year earlier to 1.08 million vehicles for the quarter.

Honda maintained its net profit forecast at ¥580 billion and operating profit outlook at 780 billion yen for the current financial year to the end of March, while sales were projected at ¥12.1 trillion.

Shares in Honda closed down 0.26 per cent to ¥3,893 Friday ahead of the earnings report, which was released after the markets closed.