Toyota raises earnings forecast after Q3 quarter profit jumps 14%February 4, 2015 - 11:26 AMT PanARMENIAN.Net - Toyota Motor Corp., the world's No. 1 automaker, raised its earnings forecast Wednesday, Feb 4, after third quarter profit jumped 14 percent, boosted by a weak yen, the Associated Press reports. Toyota reported a better-than-expected 600 billion yen ($5.1 billion) profit for the three months through December. Quarterly sales of 7.17 trillion yen ($61 billion) were up 9 percent year-on-year. Analysts surveyed by FactSet had forecast a quarterly profit of 540 billion yen ($4.6 billion). The Japanese automaker, which makes the Camry sedan, Prius hybrid and Lexus luxury model, expects a profit of 2.13 trillion yen ($18 billion) for the fiscal year through March, up nearly 17 percent from the previous year. It had previously projected a 2 trillion yen ($17 billion) profit. Toyota has held the top spot in global vehicle sales for three years straight, selling 10.23 million vehicles last year, beating Volkswagen AG of Germany and U.S. rival General Motors Co. Toyota's bottom line has gotten a lift from the cheap yen, although Managing Officer Taku Sasaki also credited cost cuts. The dollar averaged about 114 yen for the fiscal third quarter, while it cost 100 yen the same period the previous year. It has risen to about 118 yen recently. Toyota said it added 145 billion yen ($1.2 billion) to its quarterly operating profit from the foreign exchange rate, while gaining 80 billion yen ($680 million) from cost cuts. Top stories Yerevan has dismissed Turkey’s demand to shut down the Armenian nuclear power plant as “inappropriate”. Armenia will loan 2.9 billion drams to Nagorno Karabakh (Artsakh), according to a draft government decision. The Ministry of Ecology and Natural Resources of Azerbaijan has “strongly condemned” Armenia’s decision. Kerobyan has said that for the first time in the history of Armenia, the volume of foreign direct investments amounted to about $1 billion. Partner news | Armenia Security Council chief traveling to Qatar Secretary of the Security Council of Armenia Armen Grigoryan will travel on a working visit to Qatar. Armenian Foreign Minister regrets “tragic loss” of Iranian counterpart The Armenian Foreign Ministry has expressed shock over the death of the Iranian President and the Minister of Foreign Affairs. Armenian PM sends condolences to Iran Prime Minister Nikol Pashinyan sent a message of condolence to the Supreme Leader Seyyed Ali Khamenei. Armenia, Turkey discuss restoration of historic bridge The meeting took place on May 17 in Ashgabat on the sidelines of an international conference of ministers of culture. |