TOKYO (Reuters) – Toyota Motor Corp 7203.T Friday more than doubled its full-year operating forecast due to a rebound in sales in China affected by the coronavirus pandemic earlier this year, even as second-quarter operating profit fell 24% .
Japan’s largest automaker said it now expects operating profit of 1.3 trillion yen ($ 12.6 billion) for the year through March 2021, compared to a previous forecast for a profit of 500. billion yen. This is an estimate higher than an average profit estimate of 1.25 trillion yen compiled by 26 analysts interviewed by Refinitiv.
In the July-September quarter, operating profit fell to 506 billion yen from 662.4 billion yen in the same period a year earlier, according to Reuters calculations, as sales fell due to the impact of the coronavirus at the level. global.
($ 1 = 103.4200 yen)
Reporting by Tim Kelly; Editing by Kenneth Maxwell