Toyota Motor Corp. expects to post its highest profit in five years, as the company rides on its soaring North American sales and as it recovers from ill effects brought about by natural disasters in 2011. The company expects its North American sales to surge 25 percent to 2.35 million vehicles in the current fiscal year ending March 31, 2013.
This is a stark contrast to the previous fiscal year ended March 31, 2012, which saw its North American sales dive 7.8 percent to 1.87 million units, hounded by supply problems caused by the earthquake in Japan and flooding in Thailand.
If everything goes as expected, North American sales will help Toyota to post 8.7 million vehicles in global sales this fiscal year, according to the company’s annual earnings presentation.
Toyota’s peak sales were recorded in the fiscal year ended March 31, 2008, during which the company, posted worldwide sales of 8.91 million vehicles.
If everything goes as expected, Toyota should be set to more than double its net income from JPY283.5 billion for the year ended March 31, 2012, to JPY760 billion for the fiscal year ending March 31, 2013.
According to 21 analysts surveyed by Bloomberg, Toyota's net income for the fiscal year ending March 31, 2013 will reach 817.7 billion yen. Toyota expects its total sales to grow by 18 percent to JPY22 trillion yen.
With Toyota’s net income forecast for the current fiscal year, the company should be destined to post a profit that’s higher than General Motors Co. with the new units on the Japanese carmaker’s vanguard like new Prius hybrids, Corolla compacts and Lexus sedans.