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Thursday, Aug. 5, 2010

Toyota logs quarterly profit, raises forecast

Staff writer

Toyota Motor Corp. said Wednesday it logged a ¥211.66 billion group operating profit for the April-June period, reversing a ¥194.86 billion loss in the same quarter last year, due mainly to brisk sales in emerging Asian markets, including Thailand and Indonesia.

A recovery in the North American market as well as cost-cutting efforts also helped, more than offsetting the negative impact of the yen's rise against the dollar and the euro, it said.

The world's biggest carmaker said its group net profit stood at ¥190.47 billion, against a ¥77.82 billion loss a year earlier, on sales of ¥4.87 trillion, up 27.0 percent.

"Despite the yen's upward trend, our operating profits are on a recovery path," Senior Managing Director Takahiko Ijichi said at a news conference in Tokyo.

Toyota is forecasting further improvement despite some uncertain factors.

It now expects group operating profit for the six months to September to grow to ¥270 billion, up from its previous forecast of ¥100 billion announced in May, and a ¥250 billion group net profit against its previous forecast of a ¥150 billion profit.

For the full year, it expects a ¥330 billion group operating profit, up from its previous forecast of ¥280 billion, and a ¥340 billion net profit instead of ¥310 billion.

"Still, we have some volatile factors for the future," Ijichi said, including the outlook for the yen against the dollar and the euro, the impact on the domestic market after the government subsidies for fuel-efficient cars expire in September and uncertainty in the European and North American markets.

As for costs for massive recalls starting late last year, Ijichi said the company can't disclose specific figures, but the costs for the current business year to March won't be as high as they were in the last business year.

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The Japan Times

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