Toyota raises full-year view
Source: Agencies |
August 3, 2011, Wednesday
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Print Edition
Print Edition
TOYOTA eked out a 1.1 billion yen (US$14 million) quarterly profit and raised its annual earnings forecast yesterday as it mounts a comeback from the devastation of the earthquake and tsunami in northeastern Japan.
Still, April-June profit for the world's biggest automaker was a fraction of the 190.4 billion yen it earned in the same period the previous year. Quarterly sales crashed 29 percent to 3.44 trillion yen because of production disruptions stemming from the disasters.
Toyota Motor Corp cited how auto sales had held up in Asian nations such as Indonesia in raising earnings and sales forecasts for the fiscal year through March 2012.
The automaker now expects an annual profit of 390 billion yen compared with its previous forecast of 280 billion yen profit. The new forecast is still 4 percent lower than profit in the previous year.
Toyota raised its annual sales forecast to 19 trillion yen from 18.6 trillion yen. That would mark a slight improvement from the previous year's 18.99 trillion yen.
Also highlighting its quicker-than-expected recovery, Toyota now expects to sell 7.6 million vehicles worldwide, up from an earlier forecast for 7.24 million vehicles, and better than the 7.3 million it sold the previous fiscal year. But that's unlikely to be enough to avert losing its crown as the biggest automaker by vehicle sales to General Motors Co.
Japanese automakers were hit by a shortage of key parts after the March 11 earthquake and tsunami destroyed suppliers in the country's industrial northeast.
Still, April-June profit for the world's biggest automaker was a fraction of the 190.4 billion yen it earned in the same period the previous year. Quarterly sales crashed 29 percent to 3.44 trillion yen because of production disruptions stemming from the disasters.
Toyota Motor Corp cited how auto sales had held up in Asian nations such as Indonesia in raising earnings and sales forecasts for the fiscal year through March 2012.
The automaker now expects an annual profit of 390 billion yen compared with its previous forecast of 280 billion yen profit. The new forecast is still 4 percent lower than profit in the previous year.
Toyota raised its annual sales forecast to 19 trillion yen from 18.6 trillion yen. That would mark a slight improvement from the previous year's 18.99 trillion yen.
Also highlighting its quicker-than-expected recovery, Toyota now expects to sell 7.6 million vehicles worldwide, up from an earlier forecast for 7.24 million vehicles, and better than the 7.3 million it sold the previous fiscal year. But that's unlikely to be enough to avert losing its crown as the biggest automaker by vehicle sales to General Motors Co.
Japanese automakers were hit by a shortage of key parts after the March 11 earthquake and tsunami destroyed suppliers in the country's industrial northeast.
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