TOKYO (AP) – Toyota raised its full fiscal year profit forecast yesterday after reporting its profit in the October to December quarter nearly doubled from the year before.
Toyota Motor Corp’s third quarter profit totalled JPY1.36 trillion, up from JPY727.9 billion in the same period in 2022.
In the first nine months of the fiscal year, Toyota reported a JPY3.9 trillion profit, over double what it racked up the previous year.
A weak yen raises the value of overseas earnings when they are converted into yen. Quarterly sales rose 23 per cent to JPY12.04 trillion from JPY9.75 trillion.
Toyota, based in central Japan’s Toyota city, raised its full fiscal year profit forecast to JPY4.5 trillion, from an earlier forecast of JPY3.95 trillion yen. It earned JPY2.45 trillion in profit in the year that ended in March 2023.
Toyota also raised its full year sales projection to JPY43.5 trillion, from an earlier estimate of JPY43 trillion.
