Honda said Friday group net income for the January to March period totaled 25.4 billion yen ($243.4 million), down 85.6% from 176.2 billion yen in the year-ago period, with the decline attributable to higher taxes, higher raw material costs and a stronger yen.

Net sales for the quarter amounted to 3.1 trillion yen, a decrease of 1% from the year-earlier quarter.

Honda said revenue for the quarter would have climbed 4.4% if the yen exchange rate had remained unchanged.

The automaker said quarterly revenue from sales in Japan declined 1.1%, North America fell 11.2%, Europe increased 0.3% and Asia climbed 13.4%.