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Money News

Toyota more than doubles full-year profit outlook

FILE PHOTO: The Toyota emblem is seen on the tyre rim of a vehicle during the media day of the 41st Bangkok International Motor Show after the Thai government eased measures to prevent the spread of the coronavirus disease (COVID-19) in Bangkok, Thailand July 14, 2020. REUTERS/Jorge Silva/File photo

TOKYO (Reuters) - Toyota Motor Corp more than doubled its full-year operating forecast on Friday amid a rebound in sales in China that were hit by the coronavirus pandemic earlier this year, even as it reported second-quarter operating profit slid 24%.

Japan’s biggest automaker said it now expects operating profit of 1.3 trillion yen ($12.6 billion) for the year through March 2021, up from a previous prediction for a 500 billion yen profit. That is above an average estimate for a 1.25 trillion yen profit compiled from 26 analysts polled by Refinitiv.

In the July-September quarter, operating profit fell to 506 billion yen from 662.4 billion in the same period a year earlier, according to Reuters’ calculations, as sales dipped amid the coronavirus impact globally.

($1 = 103.4200 yen)

Reporting by Tim Kelly; Editing by Kenneth Maxwell

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