TOKYO, Nov. 1 (Xinhua) — Toyota Motor stated on Wednesday that its web revenue within the first half of this fiscal 12 months greater than doubled from a 12 months earlier to a document 2.59 trillion yen (17.13 billion U.S. {dollars}), on strong post-pandemic car gross sales in all main markets.
The Japanese automaker’s document earnings for the April-to-September interval got here on gross sales of a document 21.98 trillion yen, up 24.1 %.
Meanwhile, the auto large revised up its consolidated working revenue forecast for 2023-2024 fiscal 12 months to an all-time excessive 4.5 trillion yen from 3 trillion yen, as gross sales at the moment are seen at a document 43 trillion yen in contrast with an earlier estimate of 38 trillion yen.
If the forecast is achieved, Toyota will develop into the primary Japanese firm with gross sales of over 40 trillion yen.
Toyota additionally raised its web revenue forecast for the 12 months by way of March 2024 to a document 3.95 trillion yen from its earlier projection of two.58 trillion yen. The new determine represents a 61.1-percent development from the final fiscal 12 months.
The yen’s weakening was a significant driver for the upward revisions, as each 1 yen fall in opposition to the U.S. dollar boosts its working revenue by 50 billion yen, Toyota stated.
A weaker yen boosts income earned abroad when repatriated and makes Japan-built autos extra worth aggressive overseas. (1 U.S. dollar equals 151.3 yen)