Aichi, Japan: Toyota Motor Corporation has reported its financial results for its fiscal second quarter that ended in September this year, which saw a rise of 16 percent in profits as sales increased.
The Japanese automaker’s July to September profit this year totalled 458 billion yen (US$4.03 billion), increasing from US$3.45 billion during the corresponding period in 2016; and its quarterly sales rose 10 percent to US$62.7 billion.
The company is optimistic on its annual profit forecast and has increased its projection to US$17 billion from its initial US$15 billion this year; a rise of six percent from the US$16.1 billion the company achieved the previous fiscal year.
The automaker is attributing the rise in sales to cost cuts and the cheaper yen, which helps boosts earnings for Japanese exporters.
The company expects to sell 8.95 million vehicles for this financial year, an increase from the earlier forecast of 8.9 million vehicles.
The Japanese automaker is also planning to build a new plant in the US, which will be run with another Japanese automaker—Mazda Motor Corporation. The site’s location has not been decided yet.
Check these articles out:
● China’s Largest Beverage Manufacturer Wahaha Aims To Set Up Smart Car Brand
● Nissan Launches First Electric Vehicle batteries Recycling Plant In Japan
● Automaker Toyota To Cease Selling Diesel Cars In Europe
● Lufthansa Technik Philippines May Cease Operations Due To Tax Reform
● Nissin Electric To Move Production From Thailand And Vietnam To Myanmar
● Vietnam Experiences Influx Of Japanese Investments
● Grundfos Singapore Appoints New Country Manager
● Idemitsu Establishes Lube Sales Company In The Philippines
● TRUMPF Reports Six Percent Revenue Growth in FY2019
● Trumpf Increases Sales To 3.6 Billion Euros
WANT MORE INSIDER NEWS? SUBSCRIBE TO OUR DIGITAL MAGAZINE NOW!