15:51 - 1.11.2023

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November 1, Fineko/abc.az. Japanese automaker Toyota Motor Corp. increased net profit almost threefold in the second quarter of the current fiscal year, better than market forecasts.

ABC.AZ reports with reference to Toyota that company's net profit in July-September amounted to 1.28 trillion yens ($8.4 billion) compared with 434.26 billion yens a year earlier. Experts interviewed by Quick, on average, predicted this figure at the level of 912.33 billion yens.

Toyota's quarterly revenue increased by 24% up to 10.6 trillion yens.

Operating profit more than doubled to 1.44 trillion yens from 562.79 billion yens. In Japan, the figure increased to 879.1 billion yens from 521.1 billion yens a year earlier. In Europe and North America, the company returned to positive results – profit amounted to 99.3 billion yens and 169.4 billion yens, respectively (in the second quarter of last fiscal year – a loss of 65.5 billion yens and 85.6 billion yens, respectively).

Toyota's sales in the last quarter grew to 2.85 million cars from 2.63 million a year earlier.

The company raised its forecast of net profit in the current fiscal year to 3.95 trillion yens from 2.58 trillion yens, revenue to 43 trillion yens from 38 trillion yens. During this period, the company still expects to sell 11.38 million cars.

Toyota shares are up 4.7% in Wednesday trading.