Monday, July 26, 2021

COVID-19: Toyota doubles profit outlook to 1.3trn yen

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Toyota Motor doubled more than the operating profit forecast to 1.3 trillion Yen (12.6 billion dollars) for the current financial year.

The company said on Friday that as vehicle sales bounced back in China and the U.S. after coronavirus induced lockdowns.

Japan’s largest carmaker also expected a net profit for the year through March 2021 to nearly double to 1.42 trillion Yen from 730 billion yen estimated in August, while sales were predicted at 26 trillion Yen, up from 24 trillion Yen.

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Global vehicles sales for the July to September period rose by 66 per cent to 1.93 million units from 1.16 million units in the previous quarter, Toyota said.

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The manufacturer of the Prius hybrid and Lexus luxury vehicles posted an operating profit of 506.1 billion Yen for the third quarter, down 23.2 per cent from the same period last year, while sales dropped  by 11.3 per cent to 6.8 trillion yen.

The carmaker also saw its net profit fall by 11.3 per cent year on year to 470.5 billion yen for the quarter.

dpa/NAN

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