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Toyota first half net profit surges 82.5% to $10.14 billion, boosts outlook
Highlights
Toyota first half net profit surges 82.5% to $10.14 billion, boosts outlook, Toyota Motor Corp raised its annual net profit forecast by 13 per cent on Wednesday, backed by a weaker yen that makes exports more profitable and by solid vehicle sales in the United States, its biggest market.
Toyota Motor Corp raised its annual net profit forecast by 13 per cent on Wednesday, backed by a weaker yen that makes exports more profitable and by solid vehicle sales in the United States, its biggest market.
The world's best-selling carmaker now expects 1.67 trillion yen ($16.95 billion) in net profit for the year ending in March 2014, compared to a previous forecast of 1.48 trillion yen.
That is just short of the record net profit of 1.72 trillion yen Toyota booked in the year ended March 2008, and compares with an average forecast of 1.79 trillion yen in a media survey of 23 analysts.
The company's first-half net profit rose 83 per cent to 1.0 trillion yen.
Toyota, which is the most export-reliant among Japan's three big carmakers, has benefited the most from a weakening yen that boosts profits both from exports and from converting money made overseas back into yen.
US sales in July-September for Toyota, the third-biggest carmaker in that country, rose 12.2 per cent from a year ago to 589,390 vehicles, helped by strong sales of the redesigned Corolla compact and the Lexus IS. It outperformed industry-wide vehicle sales that increased 8.9 per cent year-on-year.
Toyota sold the most number of cars among automakers worldwide in January-September, beating General Motors Co and Volkswagen AG.
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