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06.11.2020

Toyota holds up despite pandemic

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Japan's automaker now expects an operating profit of 1.3 trillion yen for the year through March 2021

Stocks impacted: Toyota Motor Corp. (7203)

Toyota’s July-September profit fell 11% from a year earlier. Still, the company is holding up better than weaker rivals that have sunk into the red amid the coronavirus pandemic that slammed global demand. The company reported a quarterly profit of 470.5 billion yen, down from 530 billion yen a year ago. Quarterly sales slipped to 6.77 trillion yen from 7.64 trillion yen. Japan's automaker now expects an operating profit of 1.3 trillion yen for the year through March 2021, up from the 500 billion it predicted previously. Toyota also raised its global sales forecast to 9.4 million vehicles for the fiscal year through March 2021, better than its earlier forecast for 9.1 million vehicles. The company expects to record a 1.4-trillion-yen profit for the fiscal year. It earlier projected 730 billion yen in profit. The company’s stocks rose just 0.5% following the report.

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