Toyota's growth forecast boosted through sales recovery
Toyota has raised profit forecasts as the carmaker enjoys recovering sales figures in the U.S. and Japan.
The Japanese firm's profit guidance (.pdf) has projected a net profit of 780 billion yen ($9.7bn) for the fiscal year ending 31 March 2013, up from its earlier forecast of 760 billion yen.
The automaker saw its net income rise to $6.9 billion, and sales jumped by almost 1.5 million units, with sharp growth in Japan and the United States. Q2 revenue increased by 18.2 percent quarter-on-quarter to $68.4bn.
Consolidated revenue stands at $138 billion, soaring 36 percent. Toyota has enjoyed a 221% jump in profit for the July to September quarter from Q2 2011.
"In all regions, vehicle sales increased significantly for both the first half and second quarter of this fiscal year because we suffered from the supply disruption due to the Great East Japan Earthquake in the same period last year," said TMC senior managing officer Takahiko Ijichi.
"Despite the yen's appreciation, operating income improved significantly due to the recovery of sales which dropped in the first half of last year and our company-wide profit improvement activities."
Toyota's fortunes have turned around from last year, when the 11 March earthquake and tsunami struck Japan. However, the carmaker warns that the continuing territory disputes between Japan and China may impact future sales.
Image credit: Toyota
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This post was originally published on Smartplanet.com