Honda Motor reported a 50% drop in first-quarter operating profit on Wednesday, as a stronger yen and the impact of U.S. President Donald Trump's tariffs took its toll, but the company raised its full-year forecast.

Honda Motor Co. raised its annual profit forecast even as its quarterly figure took a hit from President Donald Trump’s tariffs on cars and car parts imported to the US.

Honda Motor saw its quarterly profit drop 49.6 percent year-on-year from April to June as US tariffs continue to hit Japanese automotive manufacturers. The company’s operating profit fell to 244.17 billion yen (USD1.