Tokyo, Aug 05: Japan's top auto maker Toyota said today its group net profit in the first quarter declined 9.7 per cent to 222.5 billion yen (1.87 billion dollars), pressured by foreign exchange losses and the impact of production switches in North America. Toyota's global sales rose 5.6 per cent to 4.09 trillion yen for the three months to June. Its group pre-tax profit dropped 12.1 per cent to 371.2 billion yen.
"While first quarter operating income decreased year-over-year due mainly to exchange rate fluctuations and the temporary effect of model shifts at our North American plants, Toyota is expanding retail sales in all regions," Toyota Motor Corp. executive vice president Ryuji Araki said.
Toyota said its averaged exchange rate stood at 119 yen to the dollar for the first quarter, compared with 127 yen a year earlier.
Toyota upgraded its parent-level forecasts for the six months to September. It raised its net profit forecast from 210 billion yen to 280 billion yen, with an ordinary income now projected at 430 billion yen, up from 330 billion yen.
Its sales for the first half forecast was also revised upward to 4.2 trillion yen from 4.1 billion yen.
Toyota released no consolidated forecast.
Bureau Report