Toyota posts 11% rise in second-quarter profit as Asia sales rise

Profitability in most of Toyota’s major markets including North America improved. (AFP)

• Operating profit at Japan’s largest automaker was ¥579.1 billion for the July-September period
• Toyota lifted its forecast for full-year profit to come in at ¥2.4 trillion

TOKYO: Toyota Motor Corp. on Tuesday posted an 11 percent rise in second-quarter profit on the back of ongoing sales growth in Asia and Europe, while profitability in most of its major markets including North America improved.
Operating profit at Japan’s largest automaker was ¥579.1 billion ($5.11 billion) for the July-September period. That was up from ¥522.2 billion a year earlier, but undershot a median forecast of ¥584.89 billion from 10 analysts polled by Refinitiv.
Toyota lifted its forecast for full-year profit to come in at ¥2.4 trillion, from a previous forecast of ¥2.3 trillion, based on a revised assumption that the yen will average around ¥110 to the US dollar through March.