Toyota predicts profit increase after record €16.2bn year
Toyota has announced it expects a third straight year of record profit, with rising sales in the US auto market helping it to a modest improvement after a bumper year powered by foreign exchange windfalls and cost cuts.
After net profit jumped 19pc in the year ended March to 2.17 trillion yen (€16.2bn), the world's top-selling automaker said it expects net profit to rise 3.5pc in the current fiscal year to 2.25 trillion yen.
That is below the average estimate of 2.44 trillion yen from a Thomson Reuters survey of 27 analysts.
Toyota is forecasting operating profit will edge up 1.8pc this year to 2.80 trillion yen.
Its projections assume the dollar would average 115 yen this year. This is conservative compared with around 120 yen currently, boosting the value of U.S. sales converted back into the Japanese currency.