Wednesday , May 31 2023

Toyota has gained significantly, the company has improved its annual forecasts


illustrated photo Photo: TASR

Japan's Toyota car factory has improved its profits throughout the year, after gaining strong growth in the first half of the current financial year. This has contributed to the continuous increase in sales and the simultaneous reduction of costs.

The company announced that net profit for six months to end September reached 1.24 trillion yen (9.63 billion euros). In comparison to the year, this means an increase of 16%. It has surpassed the expectations of analysts who account for 10% of the increase in profits.

Sales rose 3.4 percent to 14.7 trillion yen. It has underlined the continued growth in car sales in all major markets, Asia, North America and Europe.

Profit results, however, have also greatly encouraged cost savings. "Toyota also has steady results for the first months of the current financial year," said TIW Sato Takad, a Japanese consulting firm for AFP.

The company improved its earnings forecast for the entire fiscal year ending in March. Net income is estimated at 2.3 billion Yen, while it initially had a profit of 2.12 billion Yen. On the other hand, even if Toyota had met the new forecast, it would still be a weaker profit from the previous fiscal year, at which it reached 2.49 trillion yen.

The nervousness also creates uncertainties about the possible introduction of US import tariffs for cars. Washington has postponed this move so far, but it may change later. "The risk of introducing additional import duties on Japanese cars at the moment is not a threat, but this will not be the case, it will depend on the results of the US-Japan trade negotiations" Takad added.

(1 EUR = 128.81 JPY)

Source:, the TASR news portal

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