Toyota turns bullish, now expects profit increase for fiscal 2017

Toyota turns bullish, now expects profit increase for fiscal 2017”

Toyota said it now expects to sell 8.95 million vehicles for the fiscal year, up from an earlier projection for 8.9 million vehicles.

A weaker yen and cost cuts have since helped lift bottom-line expectations.

Toyota upgraded its full-year forecast for operating profit to 2.0 trillion yen from a previous forecast for 1.85 trillion yen, based on a revised assumption that the yen will trade around 111 yen to the USA dollar.

The new forecast is also ahead of the 1.86 trillion-yen profit that analysts predicted in a Quick survey. Previously, the company expected annual consolidated net revenue of 28.5 trillion yen, operating income of 1.85 trillion yen, and net income of 1.75 trillion yen.

The forecast is based on an assumption that $1 will buy 111 yen, instead of 110 yen, and that one euro will buy 128 yen, instead of 124 yen.

Toyota, Japan's top automaker, said its July-September profit totaled ¥458.2 billion, up from ¥393.7 billion the same period a year ago. Consolidated vehicle sales for the six-month period ended September 30 totaled 4,389,435 units, an increase of 25,898 units compared to the same period last fiscal year. Interim dividends are pegged at 100 yen per share, unchanged from a year before.

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