Toyota in high gear as it forecasts record profit | The Daily Star
12:00 AM, February 05, 2014 / LAST MODIFIED: 01:53 AM, March 08, 2015

Toyota in high gear as it forecasts record profit

Toyota in high gear as it forecasts record profit

Toyota has shifted into high gear, with the world's largest automaker tipping a record annual profit after more than doubling its nine-month earnings to $15 billion thanks to the yen's sharp decline and surging sedan sales.
The buoyant results underscore a recovery not only for the Camry and Corolla maker but also for rival Japanese auto giants including Nissan and Honda.
The trio have been big winners over the past year as a sharp drop in the yen inflated exporters' repatriated profits, further boosted by improved overseas demand in key markets including the United States and China.
Sales in China fell off a cliff in late 2012 and into last year as a Tokyo-Beijing diplomatic row sparked a consumer boycott of Japanese brands in the world's biggest vehicle market. Relations remain tense, but Japanese manufacturers have reported sales are returning to pre-spat levels.
On Tuesday, Toyota said it earned 1.52 trillion yen ($15 billion) between April and December on sales of 19.12 trillion yen -- propelled by a five-fold jump in third-quarter earnings.
It also boosted its fiscal year to March profit forecast to a record 1.90 trillion yen.
The automaker has ramped up its drive to tap emerging markets while key US demand has also been on the upswing, but analysts point to Japan's April sales tax hike and unrest in Thailand as possible headwinds.

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