Toyota raises forecast for profit | Economic News

Toyota raised its current fiscal year net profit forecast to 1.90 trillion yen, ending March 31.

According to the Japanese manufacturer, Toyota updated its fiscal year expectations as demand improved in the US and Chinese markets.
Accordingly, it increased its net profit forecast of 1.42 trillion yen ($ 13.57 billion) to 1.90 trillion yen ($ 18.16 billion) for the fiscal year ending March 31.

If the new forecast holds, it will have decreased by 6.7 percent compared to the previous fiscal year net profit rate.

The Toyota group, including mini vehicle manufacturer Daihatsu and pickup truck manufacturer Hino, increased its global vehicle sales target from 9.42 million to 9.73 million units.

SEMICONDUCTOR STRESS

Speaking at the online press conference on the data, Chief Financial Officer (CFO) Kon Kenta said they are facing a global semiconductor shortage.

Kon stated that despite the difficulties, production was not interrupted to a great extent, and the effects of factors such as ¨Pandemic continues. We must monitor the risks closely, ”he said.

The Firm expects fiscal year operating profit to decline 16.6 percent compared to the previous fiscal year to record 2 trillion yen ($ 19.12 billion). Previous operating profit was announced at an estimated 1.3 trillion yen ($ 12.4 billion).

Sales are expected to reach 26.5 trillion yen ($ 253.3 billion), down 11.3 percent from the previous fiscal year.

7.21 MILLION VEHICLE SALES IN 9 MONTHS

The Toyota group sold 7.21 million vehicles in the April-December 2020 period, down 11.4 percent compared to the same period of the previous year. The company’s net profit for the 9-month period was 1.47 trillion yen ($ 14 billion), down 14.1 percent.

Operating profit fell 26.1 percent to 1.51 trillion yen ($ 14.43 billion).


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Source: bigpara- GÜNDEM by bigpara.hurriyet.com.tr.

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