Toyota raises forecast for full-year profit

Article by Christian A., on November 8, 2010

Despite the impact of a stronger yen, Toyota Motor Corp. had raised its full-year profit forecast as sales in Asia beat predictions. In a statement, Toyota said that for the 12 months ending March 31, net income may total 350 billion yen ($4.3 billion), compared with a previous estimate of 340 billion yen.

In the fiscal second quarter, net income increased to 98.7 billion yen from 21.8 billion yen a year ago.

Toyota has been working on its damaged reputation after the recall crisis that started last year. Despite its struggles, the carmaker posted a surge in profit in the three months ended Sept. 30 compared to the previous year.

Sales increased by about 90,000 vehicles in Japan, 62,000 in other Asian markets and 58,000 in growing markets including Latin America, Africa and the Middle East. On the other hand, sales decreased by 41,000 vehicles in Europe and 3,000 in North America in the second quarter.

Koji Endo, an auto analyst at Advanced Research Japan in Tokyo, said that Toyota's double-digit sales growth in Japan, China and Southeast Asia is “driving profit gains.”

As sales increase together with the recovering global economy, earnings forecasts are being boosted by Honda Motor Co. and Nissan Motor Co. with Toyota trailing them.

This allows Toyota to endure the yen's advance to near a 15-year high against the US dollar as well as the lingering effects of the massive vehicle recalls. [via autonews - sub. required]

Topics: toyota, profit

If you liked the article, share on:

Comments

Recommended

Another day, another record. Is the new Dodge Challenger SRT Demon the fastest car to date? According to some sources, the Dodge Challenger SRT Demon had just beaten the Tesla...
by - April 24, 2017
Following in the footsteps of the McLaren 570S, 540C and 570GT is the newest addition to the McLaren Sports Series -- the roofless 570S Spider. McLaren 570S was rolled out...
by - April 24, 2017
The British automaker Lotus is noted for releasing low production, limited editions of its sports car lineage. Now the Hethel-based automobile manufacturer is back at it again with its latest...
by - April 24, 2017
Earlier this week, the revamped 2018 Mercedes-Benz S-Class was revealed ahead of the 2017 Shanghai Auto Show. As expected, Mercedes Benz’s flagship model is now offered in several variants including...
by - April 24, 2017
Well, this is clearly not good news for everyone. Ever since the new BMW M4 CS rolled out in Shanghai last week, several reports about its limited production have quickly...
by - April 24, 2017
Facebook

Youtube Channel

Tip Us
Do you have a tip for us?
Did you film an important event?
Contact us
Newsletter
Subscribe to our newsletter!
Subscribe
Galleries