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▼ Toyota Ups Earnings Forecast for FY18, Sees Record Sales
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TOKYO (Jiji Press) — Toyota Motor Corp. has revised up its consolidated earnings estimates for fiscal 2018 through next March, projecting record sales of ¥29.5 trillion, Toyota said Tuesday.
The upward revisions reflected a weaker-than-expected yen and an increase in global vehicle sales, according to the leading Japanese automaker.
For the April-September first half, consolidated sales rose 3.4 percent from a year before to a record ¥14,674,006 million.
Net profit surged 16.0 percent to ¥1,242,392 million, up for the second consecutive year, and operating profit jumped 15.1 percent to ¥1,261,845 million.
Toyota revised up its full-year sales projection by ¥500 billion. The operating profit forecast was raised by ¥100 billion to ¥2.4 trillion, and the net profit estimate by ¥180 billion to ¥2.3 trillion.
The yen’s weakness is forecast to push up the company’s consolidated operating profit by ¥125 billion from previously projected.
Compared with the previous year, full-year operating profit is seen leveling off and sales edging up, while net profit is expected to decline 7.8 percent.
Executive Vice President Koji Kobayashi told a press conference that the automaker will become “leaner,” expressing an eagerness to accelerate cost cuts following a rise in steel and other materials prices.
In North America, where competition is intensifying, Toyota will reduce incentives paid to dealers in order to improve profitability.
Toyota said the group’s global vehicle sales increased 77,000 units to 5,293,000 units for April-September, including those at Daihatsu Motor Co. and Hino Motors Ltd.
Domestic sales were sluggish due to a series of natural disasters. But Toyota group vehicles attracted strong demand in China and other Asian markets as well as Europe.
Toyota kept its full-year vehicle sales projection unchanged at 10.5 million units.
The upward revisions reflected a weaker-than-expected yen and an increase in global vehicle sales, according to the leading Japanese automaker.
For the April-September first half, consolidated sales rose 3.4 percent from a year before to a record ¥14,674,006 million.
Net profit surged 16.0 percent to ¥1,242,392 million, up for the second consecutive year, and operating profit jumped 15.1 percent to ¥1,261,845 million.
Toyota revised up its full-year sales projection by ¥500 billion. The operating profit forecast was raised by ¥100 billion to ¥2.4 trillion, and the net profit estimate by ¥180 billion to ¥2.3 trillion.
The yen’s weakness is forecast to push up the company’s consolidated operating profit by ¥125 billion from previously projected.
Compared with the previous year, full-year operating profit is seen leveling off and sales edging up, while net profit is expected to decline 7.8 percent.
Executive Vice President Koji Kobayashi told a press conference that the automaker will become “leaner,” expressing an eagerness to accelerate cost cuts following a rise in steel and other materials prices.
In North America, where competition is intensifying, Toyota will reduce incentives paid to dealers in order to improve profitability.
Toyota said the group’s global vehicle sales increased 77,000 units to 5,293,000 units for April-September, including those at Daihatsu Motor Co. and Hino Motors Ltd.
Domestic sales were sluggish due to a series of natural disasters. But Toyota group vehicles attracted strong demand in China and other Asian markets as well as Europe.
Toyota kept its full-year vehicle sales projection unchanged at 10.5 million units.
- November 7, 2018
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