TOKYO, Nov 1 — Toyota, the world’s largest carmaker, posted a surge in net profit for the first half of the current fiscal year on Wednesday, amid a rise in sales, reported dpa news.
The Japanese company has also revised its full-year guidance. It said that it was confident of achieving an operating profit of 4.5 trillion yen (US$29 billion) in the year ending in March.
Previously, Toyota had forecast 3 trillion yen in profit.
For the six-month period to September 30, Toyota posted a net profit of 2.647 trillion yen, a jump from 1.219 trillion yen last year.
Toyota said it was benefitting from smoother supply chains and a weak yen. A weak domestic currency can boost the business of exporters like Toyota.
Global demand was robust and Toyota sold more vehicles in all regions. In total, the group sold 5.6 million vehicles, including the Lexus brand. This puts it on track to reach its annual target of 11.4 million.
From April to the end of September, sales rose by almost a quarter year-on-year to around 22 trillion yen.
Toyota announced a share buyback programme of up to 100 billion yen and increased the proposed dividend by 5 yen to 30 yen per share.
— Bernama-dpa
