TOKYO – Toyota’s quarterly profit tripled, driven by a recovery from natural disasters, and the company raised its full-year earnings forecast Monday despite a sales slump in China.
Toyota Motor Corp., on track to regain the crown of world’s No. 1 automaker this year, reported a July-September net profit of $3.2 billion compared with a $999 million profit a year earlier.
The result was better than the $3 billion quarterly profit forecast by analysts surveyed by FactSet.
Japan’s top automaker raised its profit forecast for the full fiscal year through March 2013 to $9.8 billion from $9.5 billion.
It had a profit of $3.5 billion yen the previous fiscal year when Toyota’s car production was hammered by the tsunami disaster in northeastern Japan and flooding in Thailand.
The company’s optimism comes despite a sales plunge in China, where a territorial dispute over tiny islands known as Senkaku in Japan and Diaoyu in China has set off protests and a boycott of Japanese cars in recent months.
Quarterly sales improved 18 percent to $67.6 billion as the demand for Toyota vehicles picked up across all major regions, including North America, Europe, Japan and Asian nations other than China.
Executive Vice President Satoshi Ozawa said Toyota had recovered from last year’s disaster-related parts shortages and was able to boost profits despite the disadvantage of a strong yen. A strong yen erodes the value of overseas earnings of Japanese exporters such as Toyota.
We have revised the forecast we announced at the end of the first quarter to reflect the progress we have been making, Ozawa said.
For the fiscal second quarter, Toyota, which makes the Camry sedan, Prius hybrid and Lexus luxury models, sold 2.2 million vehicles around the world, up from 1.8 million the same period the previous year.
It now expects to sell 8.75 million vehicles for the full business year through March 2013, up by more than a million vehicles compared to the 7.35 million vehicles sold the previous year.
But the latest projection is 50,000 vehicles less than the 8.8 million vehicles Toyota projected in August.
Toyota said the drop comes from the sales slump in China, as well as Europe.
Toyota’s vehicle sales in China dropped to about half of last year’s levels in September to 44,100 vehicles from 86,000 the year before.
In August, Toyota sold 75,280 vehicles in China, down 15 percent.