Toyota racing to record profit, but China flashing red signal

Tokyo

TOYOTA on Wednesday said it was on track to book a record US$17.5 billion full-year net profit, as Japan's major carmakers wrapped up a bumper earnings season, but the industry is facing headwinds from slower demand at home and in China.

The world's biggest carmaker revised up its fiscal-year net profit forecast to two trillion yen (S$22.6 billion) from an earlier 1.78 trillion yen, and said full-year revenue would come in at 26.5 trillion yen, from a previous 25.7 trillion yen estimate. It also booked a 1.13 trillion yen net profit for the six months to September, from one trillion yen a year ago, while half-year revenue rose 3.3 per cent to 12.94 trillion yen.