Toyota Motor Corp, the world’s No. 1 automaker, yesterday raised its earnings forecast after third-quarter profit last year jumped 14 percent, boosted by a weaker yen.
Toyota reported a slightly better-than-expected ￥600 billion (US$5.1 billion) profit for the three months through December last year.
Quarterly sales of ￥7.17 trillion were up 9 percent year-on-year.
Photo: AFP
Market analysts surveyed by FactSet had forecast a quarterly profit of ￥540 billion.
Toyota expects a profit of ￥2.13 trillion for the fiscal year through next month, up nearly 17 percent from the previous year. It had previously projected ￥2 trillion.
STEADY LEAD
The Japanese company has maintained the top spot in global vehicle sales for three years straight, selling 10.23 million vehicles last year, beating Germany’s Volkswagen AG and US rival General Motors Co.
Toyota’s bottom line has gotten a lift from the cheap yen, although managing officer Takuo Sasaki also credited cost cuts.
CURRENCY
The US dollar averaged about ￥114 for the fiscal third quarter, while it cost ￥100 the same period the previous year. It has risen to about ￥118 recently.
Toyota said it added ￥145 billion to its quarterly operating profit from the foreign exchange rate, while gaining ￥80 billion from cost cuts.
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