Connect with us

Hi, what are you looking for?

Capital Business
Capital Business
Japan's biggest automaker says operating profit would come in at 1.05 trillion yen for the year to March/XINHUA

World

Toyota ups full-year profit target to $9.7bn

Japan’s biggest automaker says operating profit would come in at 1.05 trillion yen for the year to March/XINHUA

TOKYO, Nov 5 – Toyota on Monday hiked its full-year profit forecast to 780 billion yen ($9.7 billion) despite saying it expected to sell fewer cars due to weakness in Europe and China and a Sino-Japanese territorial row.

Japan’s biggest automaker also said operating profit would come in at 1.05 trillion yen for the year to March, up from 1.0 trillion yen, while sales would be lower at 21.3 trillion yen, from 22 trillion yen forecasted earlier.

A strong yen and weaker sales outlook continued to weigh, but the upward boost in earnings expectations was largely due to what Toyota described as “profit-improvement activities”.

The firm also said its net profit in the first half of the fiscal year surged more than six-fold to 548.27 billion yen on sales of 10.91 trillion yen, 36 percent higher than a year earlier when Japan’s automakers were hammered by the country’s quake-tsunami disaster.

“We have seen a significant increase in production in all regions compared to the same period last year when we suffered parts-supply shortages due to the Great East Japan Earthquake,” Toyota said in a statement.

However the company, which beat rivals General Motors and Volkswagen for title of world’s biggest automaker in the first half of 2012, said it expected to sell 8.75 million vehicles globally in its fiscal year, down from an earlier 8.8 million forecast.

The change was “due to uncertainties in the Chinese and European market environments”, Toyota said.

Japan’s automakers have seen a drop in China revenue stemming from a territorial spat between Tokyo and Beijing, which rival Honda last week blamed for a 20 percent cut to its annual profit forecast.

Tokyo nationalised a South China Sea island chain also claimed by Beijing in mid-September, sparking a diplomatic row marked by huge demonstrations across China and an informal boycott of Japanese exports.

Advertisement. Scroll to continue reading.
Click to comment
Advertisement

More on Capital Business

Executive Lifestyle

NAIROBI, Kenya, Mar 12 – The country’s super wealthy individuals are increasing their holding of bonds, gold and cash, a new report by Knight...

Ask Kirubi

NAIROBI, Kenya, Mar 9 – Businessman and industrialist Dr. Chris Kirubi has urged members of the public to exercise extreme caution when making any...

Ask Kirubi

NAIROBI, Kenya, Mar 24 – Businessman and industrialist Dr. Chris Kirubi is set to own half of Centum Investment Company PLC, following a go-ahead...

Ask Kirubi

It is without a doubt that the COVID-19 pandemic has caught the whole world by surprise. Although its full impact is yet to be...

Headlines

NAIROBI, Kenya, Mar 18 – Commercial Banks have been ordered to provide relief to borrowers on their personal loans, with loans eligible from March...

Kenya

NAIROBI, Kenya, Jun17 – Kenya’s tea leaves manufacturer Kericho Gold, has been awarded the Superbrands Seal by Superbrands East Africa for their quality variety...

Coronavirus

NAIROBI, Kenya, Apr 13 – As the local telecommunications industry gears up to roll out 5G networks in the country, the Communications Authority of...

Coronavirus

NAIROBI, Kenya, Mar 22 – Airtel Kenya is offering free internet access for students in order to enable continued learning at home in the...