Toyota Motor said on Wednesday that its net profit in the first half of this fiscal year more than doubled from a year earlier to a record 2.59 trillion yen (17.13 billion U.S. dollars), on solid post-pandemic vehicle sales in all major markets.
The Japanese automaker’s record earnings for the April-to-September period came on sales of a record 21.98 trillion yen, up 24.1 percent.
Meanwhile, the auto giant revised up its consolidated operating profit forecast for 2023-2024 fiscal year to an all-time high 4.5 trillion yen from 3 trillion yen, as sales are now seen at a record 43 trillion yen compared with an earlier estimate of 38 trillion yen.
If the forecast is achieved, Toyota will become the first Japanese company with sales of over 40 trillion yen.
Toyota also raised its net profit forecast for the year through March 2024 to a record 3.95 trillion yen from its previous projection of 2.58 trillion yen. The new figure represents a 61.1-percent growth from the last fiscal year.
The yen’s weakening was a major driver for the upward revisions, as every 1 yen fall against the U.S. dollar boosts its operating profit by 50 billion yen, Toyota said.
A weaker yen boosts profits earned overseas when repatriated and makes Japan-built vehicles more price competitive abroad. (1 U.S. dollar equals 151.3 yen)
