TOKYO -- Honda Motor on Friday downwardly revised its full-year net profit forecast through March 2022 to 555 billion yen ($4.8 billion), plagued by chip shortages and subsequent production cuts.

Previously it had expected a net profit of 670 billion yen.

It reported a net profit of 389 billion yen ($3.4 billion) for the half-year through September, up 143% from the previous year, when results were pulled down by the pandemic.

The Japanese automaker has been hit by the lingering semiconductor crunch since summer. It sharply reduced monthly outputs in the second quarter, including September's 30% cut year-on-year. COVID-19 restrictions affecting production of parts in Southeast Asia also disrupted its supply chain.

The reduction in production continues to deal a blow to the company, with Honda announcing decreases in output at its plants in Japan of 30% in October and 10% this month.

Profits are mostly generated by Honda's financial services business. Propelled by economic stimulus measures, robust loans and leases are helping to make up for lackluster profits from the automobile business, a long-term challenge for the company.

Honda vowed in April to sell only electric vehicles and fuel cell vehicles by 2040, making it the only Japanese automaker to announce a complete phaseout of gasoline cars so far. In September, it said it would enter new fields, including small satellite launches as well as flying cars.

The automaker will raise its research and development spending to a record 5 trillion yen over the next six years to venture into such areas of transformation.