TOKYO – Toyota today said its net profit soared 50% in the third quarter and upgraded its full-year forecasts as the global auto industry gradually recovers from the pandemic.
The world’s top carmaker made ¥838.7 billion (RM32.3 billion) in the three months to December 2020, compared with ¥559.3 billion a year earlier, it said as it revised up full-year forecasts for the second straight quarter.
Toyota said it saw a net profit of ¥1.90 trillion for the fiscal year to March, compared with its earlier estimate of ¥1.42 trillion.
Sales are now seen at ¥26.5 trillion, compared with the ¥26.0 trillion previously forecast.
The firm last year overtook Volkswagen as the world’s top carmaker for the first time in five years.
Analysts said it is bouncing back quicker than some competitors from the effects of the global economic crisis caused by Covid-19.
“Toyota is steadily recovering from the impact of the coronavirus so far this fiscal year,” said Satoru Takada, an auto analyst at TIW, a research and consulting firm based here.
“In a tough business environment, Toyota is outperforming its rivals.”
The pandemic has taken a heavy toll on the global auto sector, but demand recovered swiftly in the second half of last year, most notably in the United States and China.
“Japan’s auto industry showed a steady performance, as major markets are recovering from the negative impact of the coronavirus globally,” said Takada.
“But, we should not be too optimistic, as the current shortage of semiconductors is forcing carmakers to cut back production.”
Yesterday, Toyota’s smaller rival, Nissan, upgraded its full-year profit forecast, beating market expectations to return an operating profit for the first time in four quarters.
Honda also revised upwards its full-year outlook, as net profit more than doubled in the third quarter.
But, Nissan and Honda downgraded their sales forecasts for the current fiscal year, citing in part the chip shortage. – AFP, February 10, 2021
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