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Toyota has posted Q3 (fiscal year, quarter to 31st December 2020) net income of 838.7 billion yen, well ahead of analyst estimates.
Operating income for the quarter was posted at 987.9 billion yen, up 54% on the previous year.
The company also ramped up its full-year earnings forecast as it was boosted by volume recovery in its key markets and reduced costs.
For the fiscal year ending March 31 2021, Toyota now expects record operating profit of 2 trillion yen, far higher than an earlier projection of 1.3 trillion yen, despite an increase to sales revenue of just 500 billion yen to 26,500 trillion. Model mix and marketing efforts are forecast by the company to give it a boost in the remaining months of the fiscal year.
Toyota also said it does not envisage any decrease in production volume due to the chip shortage according to remarks attributed to Chief Financial Officer Kenta Kon by Reuters.
Kon also told reporters that cost cuts have helped to boost Toyota’s bottom line.
Toyota said it expects to sell 7.6 million vehicles globally for the fiscal year through March, down from nearly 9 million vehicles the previous fiscal year.
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