- Weather
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Max |
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40°C |
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Min |
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30°C |
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Sunrise |
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05 : 30 AM |
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Sunset |
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06 : 30 PM |
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Humidity |
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50 to 80 per cent |
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- Prayer Time
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Fajar |
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03:58 am |
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Dhuhr |
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12:08 pm |
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Asar |
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03:30 pm |
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Magrib |
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06:49 pm |
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Isha |
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08:09 pm |
- Oil Price
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- Gold Price
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Price in RO
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24ct / gm |
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16.97 |
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22ct / gm |
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16.60 |
- Currency Rates
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Forex Rates vs R01
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US Dollar |
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2.58 |
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Euro |
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2.01 |
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Pound |
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1.70 |
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Indian Rs. |
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142.84 |
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Pak Rs. |
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255.60 |
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Bangla Taka |
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201.37 |
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A woman holding a baby looks at Toyota Motor vehicles at the company’s showroom in Tokyo yesterday. Toyota said its net profit quadrupled for the nine months to December as the Japanese auto giant revised upward its full-year profit and sales forecast. Photo — AFP
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Tokyo: Toyota said net profit in the nine months to December quadrupled while it also lifted its full-year earnings outlook, reflecting the car giant's recovery from the Japan's 2011 quake-tsunami.
The results from the world's number one auto maker were boosted by sales in debt-struck Europe as well as the United States and Asia, and by the weakening yen. Toyota did not break out its latest figures for China, the world's biggest vehicle market, where a diplomatic row between Tokyo and Beijing sparked a consumer boycott of Japanese goods.
But Senior Managing Officer Takahiko Ijichi told a press briefing yesterday that September and October China sales tumbled by about half, although he added: "By December, (sales) recovered to a 20 per cent decline from a year earlier."
Toyota previously said it expects to sell 200,000 fewer vehicles in China in the second half of its fiscal year to March and take a 30 billion yen ($325 million) hit to its bottom line. It sold 900,000 vehicles in China in 2011.
Yesterday, Toyota said it earned 648.2 billion yen from April to December, up from 162.5 billion yen a year earlier, when automakers were pounded by the March 11, 2011 quake tsunami on Japan's northeast coast. The automaker pointed to a weakening yen and cost-cutting for its improved results and upgraded forecast, with operating income soaring to 818.5 billion yen from 117.1 billion yen a year earlier.
The boost "reflects our increased vehicle sales and the progress we are making with our profit improvement activities", Ijichi said. Sales in the period jumped 26 per cent to 16.2 trillion yen, it said.
The firm increased its net profit forecast for the fiscal year through March to 860 billion yen from an earlier estimate of 780 billion yen, on projected revenue of 21.8 trillion yen.
Global vehicle sales in the year were on track to hit 8.85 million units, up from an earlier forecast of 8.75 million units, the automaker said, citing stronger demand in the North American market.
The rosy results come after Japan's three biggest automakers — Toyota, Nissan and Honda — last month posted record sales for 2012. The figures confirmed Toyota had recaptured title of world's biggest automaker from US giant General Motors, a title it lost in 2011.
Last week, Honda said that its net profit for the nine months to December more than doubled to 291.4 billion yen, although it slightly trimmed its full-year profit forecast to 370 billion yen, citing the territorial spat.
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