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Toyota Q1 net profit up nearly 4%, full-year profit revised down

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Japanese car giant Toyota said on Friday its first quarter net profit rose thanks to solid sales and cost cutting efforts, but it revised down full-year profit partly due to a stronger yen.

[TOKYO] Japanese car giant Toyota said on Friday its first quarter net profit rose thanks to solid sales and cost cutting efforts, but it revised down full-year profit partly due to a stronger yen.

The maker of the Camry sedan and Prius hybrid reported net profit of 683 billion yen (S$8.8 billion) in the April-June period, up 3.9 per cent from a year before.

The company forecast full-year net profit would rise 14.2 per cent to 2.15 billion yen, down from the previous forecast of 2.25 billion yen.

Toyota said its operating profit climbed 8.7 per cent to 742 billion yen, citing efforts to lower raw material costs, a strong sales push and a weaker yen against the dollar during the period.

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Sales grew 3.8 per cent to 7.64 trillion yen.

Toyota said its group sales units expanded to 2.7 million in the first quarter from 2.6 million the previous year.

Satoru Takada, auto analyst at TIW, a Tokyo-based research and consulting firm, said "Toyota is displaying a firm performance compared to its domestic rivals, as the auto industry is facing tough business conditions."

"A potential risk is the impact of the US-China trade war. A foreign exchange loss is also among its concerns."

AFP