Toyota Posts Net Profit; Raises View
TOKYO (TheStreet) -- Toyota (TM) - Get Report said it swung to a net profit during the first half of its fiscal year, and it expects higher net income in fiscal 2011.
said net income totaled 289.1 billion yen in the first half of its fiscal year ended Sept. 30, compared with a loss of 56 billion yen during the same period a year ago.
For the second quarter in its fiscal year, Toyota had net income of 98.7 billion yen, up sharply from 21.8 billion yen in the year-ago quarter.
Looking ahead, Toyota raised its full-year net profit guidance to 350 billion yen from 340 billion yen. The automaker also revised its vehicle sales forecast higher to 7.41 million units from 7.38 million units.
However, Toyota cut its revenue outlook for the 2011 fiscal year to 19 trillion yen from the previous guidance of 19.5 trillion yen.
Toyota says it is basing its forecast on the assumption of 85 yen to the U.S. dollar, which is down from its previous assumption of 90 yen.
"We currently find ourselves in a very tough business environment, characterized by the radically and seriously appreciated yen in recent months, the risk of slowdown in demand recovery in the United States and Europe and falling demand following the end of the eco-car subsidies in Japan," Toyota Vice President Satoshi Ozawa said in a statement.
Toyota shares trading in New York closed Thursday at $72.73. In overseas trading, the stock was up nearly 2%.
-- Written by Robert Holmes in Boston
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