News Column

Earnings Toyota UPDATE1

February 3, 2014

TOKYO , Feb. 4 -- ( Kyodo ) _ (EDS: ADDING INFO) Toyota Motor Corp. on Tuesday revised upward its group operating profit projection for fiscal 2013 through March to a record 2.4 trillion yen from an earlier estimated 2.2 trillion yen , boosted by the yen's slide and cost-cutting measures. The full-year operating profit estimate eclipses the previous record of 2.27 trillion yen marked in fiscal 2007 before the global financial crisis that erupted in 2008. Japan's top automaker also raised its group net profit estimate for the business year to 1.9 trillion yen , up from the previously projected 1.67 trillion yen , on sales of 25.5 trillion yen , up from 25 trillion yen forecast in November. For the April-December period, the company reported a consolidated operating profit of 1.86 trillion yen , up 126.8 percent from a year earlier and a group net profit of 1.53 trillion yen , up 135.4 percent. Its sales grew 17.8 percent to 19.12 trillion yen . Toyota benefitted from the yen's depreciation, as its operating profit rises by 40 billion yen for every 1 yen decline against the dollar. The dollar has traded well above the 100 yen mark against the company's assumed annual exchange rate of 97 yen set in November. The revised projections now assume the dollar will average 100 yen in the full business year.

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Source: Japan Economic Newswire

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