TOKYO (Reuters) – Japan’s Toyota Motor reported a 35% rise in fourth-quarter operating profit on Wednesday, helped by a weak yen that boosted the value of overseas sales and volumes higher production costs which offset the impact of higher material costs.
Japan’s biggest automaker reported operating profit of 626.9 billion yen (about 4.22 billion euros) for the quarter ending in March, compared to 463.86 billion recorded the previous year during of the same period.
This figure is well above an estimate of 553.46 billion yen expected by 10 analysts, according to data from Refinitiv.
During the first presentation of the results of new chief executive Koji Sato, who took office last month, Toyota said it expects operating profit to increase by around 10% to 3 trillion yen this year. , estimate in line with the average analyst forecast of 3.020 billion yen.
The title Toyota took 2.2% on the Tokyo Stock Exchange after the publication of the results.
(Report by Daniel Leussink, Dina Kartit, edited by Kate Entringer)
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