Toyota expects 2.4 percent rise in profit despite chip shortage

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Toyota

Toyota Motor Corp projects net profit for the current financial year will increase 2.4 per cent year-on-year to 2.3 trillion yen (21.1 billion dollars) despite the ongoing Covid-19 pandemic and a global semiconductor shortage, it said on Wednesday.

The manufacturer of Prius hybrid and Lexus luxury vehicles also predicts its operating profit for the year to March 2022 will grow 13.8 per cent from the previous financial year to 2.5 trillion yen, while sales are estimated at 30 trillion yen, up 10.2 per cent.

The Toyota group, including Daihatsu Motor and Hino Motors, is expected to sell a total of 10.55 million vehicles in the year, up 6.4 per cent from the year before.

For the latest financial year ending March this year, Toyota posted a net profit of 2.25 trillion yen, up 10.3 per cent from the previous year and an operating profit of 2.2 trillion yen, down 8.4 per cent, while sales fell 8.9 per cent to 27.2 trillion yen.

For the January-to-March period, Toyota saw its sales rise 11.5 per cent from a year earlier to nearly 7.7 trillion yen and its net profit more than double to 777 billion yen, while booking an operating profit of 690 billion yen, up 92 per cent from the same period last year.

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