Toy­ota lifts profit out­look to $22B

The Pak Banker - - FRONT PAGE - -AP

TOKYO: Toy­ota is see­ing a nearly dou­bling of profit for the fis­cal third quar­ter, and it lifted its an­nual profit pro­jec­tion through March to ¥2.4 tril­lion ($22 bil­lion), a record high for the Ja­panese au­tomaker. Toy­ota Mo­tor Corp re­ported an Oc­to­ber-De­cem­ber profit of ¥941.8 bil­lion ($8.6 bil­lion), up from ¥486.5 bil­lion the same pe­riod the pre­vi­ous year. Quar­terly sales rose 7.4 per cent to ¥7.6 tril­lion ($69.8 bil­lion).

The com­pany said it got a nearly ¥292 bil­lion ($2.7 bil­lion) boost from tax breaks un­der Pres­i­dent Don­ald Trump's ad­min­is­tra­tion for the nine months through De­cem­ber.

Toy­ota, which makes the Prius hy­brid, Camry sedan and Lexus lux­ury mod­els, said it ex­pects to sell 10.3 mil­lion ve­hi­cles glob­ally in this fis­cal year, end­ing in March. That is about the same as what the au­tomaker sold glob­ally in the 2017 cal­en­dar year. The fis­cal year profit of ¥2.4 tril­lion, if achieved, will mark a 31 per cent jump from what it earned the pre­vi­ous fis­cal year.

For the lat­est quar­ter, Toy­ota's ve­hi­cle sales lagged onyear in North Amer­ica. But they grew in Ja­pan, Europe and other parts of the world, such as South Amer­ica and Africa, com­pared to a year ear­lier. Re­cently, Toy­ota picked as the site for its new US plant Huntsville, Alabama - al­ready a hub for the re­gion's aero­space in­dus­try. The plant is set to pro­duce 300,000 ve­hi­cles per year, a com­bi­na­tion of the Toy­ota Corolla com­pact car and a new small cross­over SUV from Mazda. Pro­duc­tion is tar­geted to be­gin by 2021.

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