Recovering demand for autos has Toyota Motor expecting a much better fiscal 2020 than it previously thought. The Japanese carmaker boosted its net profit forecast on growing sales in its main markets.
Toyota expects the group to post a net profit of 1.9 trillion yen or around 18 billion dollars for the year ending in March. That is up from the previous estimate of 1.42 trillion yen.
The revision follows another upgrade last November, when the firm almost doubled its forecast figure.
Toyota has seen a temporary slump in sales due to the coronavirus pandemic. But executives say new model rollouts in its core markets, including China, the US and Japan, have helped sales as demand picks up.
Cost reductions at factories lifted the numbers as well.
Toyota also revised upward the group's unit sales forecast for the year to 9.73 million vehicles, which is an increase of more than 300,000 from the previous estimate.
Source: ANNnewsCH
