Toyota Raises Revenue, Profit Forecasts
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Tokyo, Feb. 5 (Jiji Press)--Toyota Motor Corp. on Wednesday raised its consolidated revenue and profit outlook for the year ending next month, citing firm vehicle sales and a weaker yen.
The Japanese automaker's vehicle production and sales are strong after the effects of output cuts caused by safety recalls and a testing scandal have all but disappeared.
The company boosted its net profit projection to 4.52 trillion yen from 3.57 trillion yen, its revenue forecast to 47 trillion yen from 46 trillion yen, and its operating profit estimate to 4.7 trillion yen from 4.3 trillion yen.
The rosier earnings outlook reflects the effects of improvement efforts by production and sales workers, Chief Financial Officer Yoichi Miyazaki said, adding, "We are on course to raise our earning power further."
Labor costs and research and development expenses weighed down the operating profit projection by 895 billion yen compared with the previous year, while costs linked to higher materials prices and support to suppliers weighed down the projection by 315 billion yen.
[Copyright The Jiji Press, Ltd.]