Toyota Motor Corp said on Wednesday that it had raised its earnings forecast for fiscal 2020 (April 1, 2020-March 31, 2021), with a projected net profit of 1.90 trillion yen (18.17 billion US dollars) as the Japanese automaker has seen solid demand return in its US and Chinese markers despite the ongoing coronavirus pandemic.
The Aichi Prefecture-based automaker said its upward revision to its earnings forecasts was made in spite of a global shortage of semiconductors which has seen other automakers lower their projections for fiscal 2020.
For the year through March 31, Toyota had previously forecast a net profit of 1.43 trillion yen. This revised figure, compared to fiscal 2019, is a 6.7-percent decline.
The maker of the ubiquitous Prius hybrid models said that compared to earlier forecasts of 1.3 trillion yen, its operating profit is projected to drop 16.6 percent to 2 trillion yen, although its sales forecast was upwardly revised to 26.5 trillion yen from 26 trillion yen.
Also known for its Corolla series of sedans, Toyota said its net profit for the April-December period fell 14.1 percent to 1.47 trillion yen, while its operating profit slumped 26.1 percent to 1.51 trillion yen.
This was based on sales of 19.53 trillion yen, the automaker said. (1 US dollar equals 104.56 yen).
Source: XINHUANET
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