ID :
659297
Thu, 05/11/2023 - 01:38
Auther :
JIJI
Shortlink :
http://m.oananews.org//node/659297
The shortlink copeid

Toyota Net Profit Drops on Rising Materials Costs

 
   Tokyo, May 10 (Jiji Press)--Toyota Motor Corp. on Wednesday said its group net profit fell 14.0 pct in the year ended in March from the previous year to 2,451.3 billion yen, the first drop in four years, mainly due to surging materials prices.

   The Japanese automaker's fiscal 2022 operating profit came to 2,725 billion yen, down 9.0 pct.

   Meanwhile, its sales jumped 18.4 pct to 37,154.2 billion yen, hitting a record high for the second consecutive year, thanks to a weak yen and rising vehicle sales.

   The Toyota group's global vehicle sales, including those at subsidiaries Daihatsu Motor Co. and Hino Motors Ltd., rose 1.7 pct to 10.55 million units, reflecting a recovery in auto production on easing semiconductor shortages.

   Robust demand, mainly in Southeast Asia, also contributed to the rise in vehicle sales.

   "We were able to make the company stronger through efforts that emerged thanks to difficulties" such as higher resources prices, President Koji Sato said in a briefing on the business results. "We were able to show greater corporate strength than that of last year."

   Toyota also said it expects consolidated sales to rise 2.3 pct to 38 trillion yen and operating profit to grow 10.1 pct to 3 trillion yen, both record highs, for the current year through March 2024.

   No company in Japan has scored an operating profit of 3 trillion yen or more.

   As for net profit, the automaker predicted a 5.2-pct increase to 2.58 trillion yen.

   The Toyota group's overall worldwide vehicle sales are seen rising 7.8 pct to 11.38 million units. Parent-only global vehicle production is projected to climb 10.6 pct to 10.1 million units.

   Its assumed exchange rate stood at 125 yen to the dollar and 135 yen to the euro, against 135 yen and 141 yen, respectively, in fiscal 2022. The stronger yen is expected to push down earnings by a total of 875 billion yen, while the burden of high resources prices is seen easing.

   Sato said the automaker will increase annual research and development expenditures and capital investments to "about 3 trillion yen," reflecting the industry's shift to electric vehicles.

   "We want to achieve sustainable growth by raising the ratio of investments for the future," he said.
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