Toyota to post Q1 operating profit Y100 bln-Nikkei

TOKYO, July 25 (BestGrowthStock) – Toyota Motor Corp (7203.T: ) is
likely to have secured a group operating profit of about 100
billion yen ($1.1 billion) in April-June, thanks to solid sales
and a sharp recovery from the previous year’s loss, the Nikkei
business daily said on Sunday.

But the automaker, which had a loss of 194.8 billion yen in
the same period last year, is likely to keep its annual profit
forecast unchanged due to uncertainty over the European and
U.S. economies, the report also said, without citing sources.

Toyota, the world’s biggest automaker, has been plagued
since last September by a crisis over safety and equipment that
has led to the recall of more than 10 million vehicles
globally.

Toyota and rival Honda Motor (7267.T: ) have also been hit by
strikes in the past few months at Chinese plants providing
parts. Both makers suspended production in China to varying
degrees due to supply shortages caused by strikes.

But strong sales in emerging or resource-rich countries,
such as in the Middle East, helped Toyota shake off negative
factors, including a stronger yen.

Toyota, which competes with global peers such as General
Motors [GM.UL] or Ford Motor (F.N: ), also saw strong sales of
its Prius hybrid model in Japan, the Nikkei report said.

In the three months to June, the Toyota Group — including
Hino Motors Ltd (7205.T: ) and Daihatsu Motor Co (7262.T: ) — sold
between 1.8 million and 1.9 million vehicles, about 30 percent
more than a year earlier, the report said.

Toyota’s sales are also picking up in North America after
being hurt by the mass recalls, the paper said.

The automaker’s sales could lose some steam later in the
year, however, as the Japanese government ends subsidies on
purchasing so-called eco cars in September, the paper said.

Toyota officials were not immediately available for
comment.

Toyota projects an operating profit of 280 billion yen for
the current fiscal year to March, up 90 percent from the
previous year.

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(Reporting by Mariko Katsumura; Editing by Ron Popeski)

Toyota to post Q1 operating profit Y100 bln-Nikkei