Quarterly profits for Toyota rise along with profit forecast

Quarterly profits for Toyota rise along with profit forecast

Japanese car manufacturer Toyota not only sees it's quarterly profit triple, but also raises it's annual profit forecast, as it's recovery from 2011's natural disasters continues.

The car giant's quarterly net profit between July and September this year was 257.9 billion yen (£1.99 billion). This is a huge upswing over 2011's profits, which were 80.4 billion yen (£623 million), and shows a 221% leap in profits. Accordingly, Toyota has revealed it anticipates a net profit of 780 billion yen (£6 billion) over the rest of the financial year, which ends on 31st March 2013. This is a rise from it's previous forecast of 760 billion yen.

During 2011, the car manufacturer's profits were negatively affected by natural disasters in Japan, and this year has seen a slump in sales in China, due to protests and territorial rows with the region. However, the executive vice president of Toyota, Satoshi Ozawa, commented: "For the first six months of this financial year, we have seen a significant increase in production in all regions compared to the same period last year when we suffered parts-supply shortages". Analysts at Barclays Securities in Tokyo are more sceptical, commenting: "It's uncertain when sales will recover in China. It's unlikely to happen anytime soon".

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