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Toyota's quarterly profit falls but forecasts lifted


Toyota's quarterly profit falls but forecasts lifted


Mixed news from Toyota. Its net profit in the three months to the end of last year fell 39 percent, but the world’s largest car maker did raise its outlook for the whole financial year through to the end of March 2011.

It based that forecast on cost cuts and stronger sales projections around Asia even in its home market, which has been stagnant.

Managing director Takahiko Ijichi said: “We have seen increases in the number of car orders from areas such as Japan, Asia and Russia. Additionally, our efforts in dealing with the strong yen have paid off, and our efforts to reduce costs have been more successful than our original targets.”

Its rivals Nissan and Honda also saw profits fall in the same period, but Toyota is suffering most because it builds more cars in Japan and then exports them and so has been hit more by the stronger yen.

The managing director also said the “wounds” from its recall crisis of millions of vehicles have partially healed.

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