May 11 (Nikkei) - Amid concerns of higher raw material prices and prolonged semiconductor shortages, Toyota Motor expects a net income of 2.26 trillion yen ($17.4 billion) for the current business year through next March, down 20.7% annually.
The Japanese auto giant on Wednesday projected operating income of 2.4 trillion yen, down 19.9%, and revenue of 33 trillion yen, a 5.2% increase. The carmaker anticipates adding to the number of units, despite struggles with soaring raw material costs.
The company's share price fell 4.43% on Wednesday.
Russia's invasion of Ukraine will mean an "unprecedented" 1.45 trillion yen in cost increases, Kenta Kon, Toyota's executive vice president, said during an online earnings announcement on Wednesday.
The company posted a record net income of 2.85 trillion yen for the fiscal year ended March, up 26.9% from a year ago.
The previous fiscal year's 640 billion yen in cost increases was the largest ever, but that will now double in the current financial year.
Source: ANNnewsCH
