Toyota Motor increased operating profit in the quarter by 155% – Kommersant
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Based on the results of the second quarter, operating profit of Toyota Motor grew by 155.6% and amounted to 1.44 trillion yen ($9.52 billion). The company’s net profit amounted to $8.7 billion, while a year earlier for the same period it was $3 billion. Toyota Motor’s quarterly sales increased by 24% and reached $70 billion. Sales of the company’s vehicles increased in all markets. In total, 2.8 million cars of the Japanese manufacturer were sold in the world during the quarter.
The gains were boosted by a weakening yen, as well as an easing of the global semiconductor shortage that had hurt profits and sales at Toyota Motor and other automakers a year earlier. Given the results, the Japanese manufacturer significantly raised its forecasts for the entire fiscal year.
Toyota Motor estimates that net profit for the year ending in March 2024 will increase by 61% compared to 2023 and amount to $26 billion, while previously expected $16 billion. At the same time, forecasts for auto sales in the current fiscal Toyota Motor remained at the same level – 11.4 million.
The company’s shares react to the earnings with an increase of 4.7%. Toyota Motor shares have risen more than 50% since the beginning of the year.
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