TOKYO Nov 6 Toyota Motor Corp raised
its annual net profit forecast by 13 percent on Wednesday,
backed by a weaker yen that makes exports more profitable and by
solid vehicle sales in the United States, its biggest market.
The world's best-selling carmaker now expects 1.67 trillion
yen ($16.95 billion) in net profit for the year ending in March
2014, compared to a previous forecast of 1.48 trillion yen.
That is just short of the record net profit of 1.72 trillion
yen Toyota booked in the year ended March 2008, and compares
with an average forecast of 1.79 trillion yen in a Thomson
Reuters I/B/E/S survey of 23 analysts.
The company's first-half net profit rose 83 percent to 1.0
Toyota, which is the most export-reliant among Japan's three
big carmakers, has benefited the most from a weakening yen that
boosts profits both from exports and from converting money made
overseas back into yen.
U.S. sales in July-September for Toyota, the third-biggest
carmaker in that country, rose 12.2 percent from a year ago to
589,390 vehicles, helped by strong sales of the redesigned
Corolla compact and the Lexus IS. It outperformed industry-wide
vehicle sales that increased 8.9 percent year-on-year.
Toyota sold the most number of cars among automakers
worldwide in January-September, beating General Motors Co
and Volkswagen AG.