Feb. 8 (Bloomberg) -- Toyota Motor Corp., the world's largest carmaker, raised its full-year profit forecast as sales in emerging markets exceeded the company's estimates.
Net income may total 490 billion yen ($5.95 billion) for the 12 months ending March 31, compared with an earlier estimate of 350 billion yen, the Toyota City, Japan-based company said in a statement today. That was higher than the 470 billion yen average estimate of 11 analysts compiled by Bloomberg.
Toyota follows Honda Motor Co. in boosting its earnings outlook as economic growth in Asia spurs sales, helping the automaker recover from the impact of record recalls. Toyota's sales in the region, excluding Japan, rose 24 percent in December. The company introduced the Etios compact in India in December and has received more than 22,000 orders for the model.
"Demand in Asia will continue to grow," said Satoru Takada, a Tokyo-based analyst at TIW Inc. "The automaker was also able to control its costs."
For the fiscal third quarter, net income fell 39 percent to 93.6 billion yen.
'Exceeding Expectations'
No comments:
Post a Comment