Japan's Toyota Motor Corp on Thursday posted a surprise 22% rise in third-quarter operating profit, as a weaker yen and higher sales volumes helped the automaker overcome a jolt from soaring raw-materials costs.
on Thursday posted a surprise 22% rise in third-quarter operating profit, as a weaker yen and higher sales volumes helped the automaker overcome a jolt from soaring raw-materials costs.
Operating profit for the three months ended Dec. 31 was 956.7 billion yen . That beat the average 764.54 billion yen profit estimated by 10 analysts, according to Refinitiv data. In the same period a year earlier, Toyota reported a 784.4 billion yen profit. The world's largest automaker, like many global manufacturers, is grappling with the continued fall-out from semiconductor shortage and the pain from rising costs.
While it stuck to its forecast for an annual profit of 2.4 trillion yen for the year to end-March it also trimmed its annual production target by about 1%, to around 9.1 million vehicles. That was a sign of a possible prolonged impact on output from the hard-to-predict shortages of chips and parts.
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