The Fort Worth Press - Toyota maintains net profit forecast despite drop in first half

USD -
AED 3.673024
AFN 67.000108
ALL 89.800032
AMD 387.239675
ANG 1.802698
AOA 912.503834
ARS 992.750068
AUD 1.528141
AWG 1.7925
AZN 1.697941
BAM 1.794822
BBD 2.019547
BDT 119.529407
BGN 1.820201
BHD 0.376798
BIF 2897.5
BMD 1
BND 1.316601
BOB 6.911994
BRL 5.892108
BSD 1.000275
BTN 84.131412
BWP 13.300909
BYN 3.273378
BYR 19600
BZD 2.016151
CAD 1.39248
CDF 2844.000354
CHF 0.87188
CLF 0.034667
CLP 956.579673
CNY 7.161098
CNH 7.119295
COP 4416.5
CRC 511.425163
CUC 1
CUP 26.5
CVE 101.303451
CZK 23.63995
DJF 177.719559
DKK 6.938605
DOP 60.475027
DZD 133.889512
EGP 49.1464
ERN 15
ETB 120.950381
EUR 0.93046
FJD 2.25895
FKP 0.765169
GBP 0.776695
GEL 2.715011
GGP 0.765169
GHS 16.405037
GIP 0.765169
GMD 71.501301
GNF 8630.000148
GTQ 7.719627
GYD 209.259429
HKD 7.775985
HNL 25.080432
HRK 6.88903
HTG 131.623383
HUF 382.507999
IDR 15849.2
ILS 3.755502
IMP 0.765169
INR 84.179502
IQD 1310
IRR 42092.498937
ISK 138.539806
JEP 0.765169
JMD 158.145895
JOD 0.709098
JPY 153.843497
KES 128.999539
KGS 86.172402
KHR 4075.000149
KMF 450.550327
KPW 899.999774
KRW 1394.802131
KWD 0.30688
KYD 0.833532
KZT 490.419381
LAK 21939.000006
LBP 89531.6677
LKR 293.117372
LRD 190.97497
LSL 17.380055
LTL 2.95274
LVL 0.60489
LYD 4.835025
MAD 9.794976
MDL 17.86455
MGA 4614.999911
MKD 57.259704
MMK 3247.960992
MNT 3398.000028
MOP 8.00624
MRU 39.899549
MUR 46.520341
MVR 15.409844
MWK 1735.499915
MXN 20.749203
MYR 4.404024
MZN 63.875018
NAD 17.369744
NGN 1661.719644
NIO 36.78498
NOK 11.13273
NPR 134.610443
NZD 1.685245
OMR 0.384979
PAB 1.000184
PEN 3.773498
PGK 4.010498
PHP 58.770502
PKR 277.897091
PLN 4.06806
PYG 7821.490516
QAR 3.640497
RON 4.628597
RSD 108.876039
RUB 95.98677
RWF 1365
SAR 3.756698
SBD 8.299327
SCR 13.572429
SDG 601.499459
SEK 10.865255
SGD 1.33155
SHP 0.765169
SLE 22.750066
SLL 20969.496802
SOS 571.000143
SRD 34.904981
STD 20697.981008
SVC 8.75203
SYP 2512.530268
SZL 17.370097
THB 34.059501
TJS 10.652473
TMT 3.5
TND 3.106503
TOP 2.342099
TRY 34.273498
TTD 6.784436
TWD 32.148498
TZS 2695.000052
UAH 41.484918
UGX 3672.570432
UYU 41.617341
UZS 12794.999783
VEF 3622552.534434
VES 43.217837
VND 25380
VUV 118.722039
WST 2.801184
XAF 601.96109
XAG 0.029645
XAU 0.000367
XCD 2.70255
XDR 0.749381
XOF 602.488092
XPF 109.549937
YER 249.825022
ZAR 17.74365
ZMK 9001.196657
ZMW 26.98082
ZWL 321.999592
  • RBGPF

    64.1700

    64.17

    +100%

  • NGG

    1.0200

    65.47

    +1.56%

  • SCS

    0.0700

    12.32

    +0.57%

  • CMSD

    0.1200

    25.04

    +0.48%

  • RYCEF

    -0.0200

    7.28

    -0.27%

  • CMSC

    0.0400

    24.68

    +0.16%

  • BCE

    -0.2800

    28.84

    -0.97%

  • RELX

    0.8500

    47.91

    +1.77%

  • RIO

    0.4900

    65.5

    +0.75%

  • BCC

    4.2300

    138.49

    +3.05%

  • GSK

    0.0500

    37.02

    +0.14%

  • JRI

    0.1700

    13.27

    +1.28%

  • AZN

    -5.1600

    66.27

    -7.79%

  • BTI

    0.3500

    35.46

    +0.99%

  • VOD

    0.0900

    9.41

    +0.96%

  • BP

    0.2300

    29.96

    +0.77%

Toyota maintains net profit forecast despite drop in first half
Toyota maintains net profit forecast despite drop in first half / Photo: © AFP

Toyota maintains net profit forecast despite drop in first half

Japanese auto giant Toyota kept its annual net profit forecast unchanged on Wednesday, despite logging a 26 percent drop for the first half of this financial year.

Text size:

The world's top-selling automaker said unit sales were hit by production cuts in its home market, related to a failure to fully comply with vehicle inspection standards.

In April to September, Toyota reported net profit of 1.9 trillion yen ($12.4 billion), down from 2.6 trillion in the same period a year ago.

Although its second-quarter earnings were far lower than analyst expectations, the company still forecasts full-year net profit of 3.57 trillion yen.

"We will strive to maintain and strengthen our earning power," it said in a statement.

Chief Financial Officer Yoichi Miyazaki said a boost to global production would help the company catch up.

"Our Indiana plant in the United States, which had been partially shut down, resumed operations last month and we will return to a production pace of 10 million vehicles per year globally," he said.

Unit sales fell four percent in the first half of 2024-25, partly "due to the impact of halting production to address certification issues", the company said.

In June, the Japanese government told Toyota and its rivals Honda, Mazda, Suzuki and Yamaha to stop delivering certain vehicle models domestically because of these irregularities.

The automakers insisted that the quality of their vehicles was not in question, arguing that their own testing was in some cases stricter than the official standards.

Miyazaki said Toyota had taken time to rethink its approach so the group can "prioritise safety and quality".

Toyota also said Wednesday that fluctuations in the value of the yen had caused "valuation losses in foreign currency-denominated assets".

But this factor "does not indicate an actual deterioration in business", the automaker said.

In fact at the same time "the effects of foreign exchange rates, cost reduction efforts, and marketing efforts increased operating income", it added.

Toyota lowered its annual group production outlook to 10.85 million vehicles from the previous target of 10.95 million.

The company had reported record bumper results last year, driven by strong sales of hybrid vehicles -- which combine internal combustion engines and batteries -- an area that Toyota pioneered with the Prius.

S.Jordan--TFWP