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Toyota Motor posted on Friday an 8.7pc rise in first-quarter (Q1) profit due to a slight increase in global vehicle sales and an improvement in marketing costs
Japan’s biggest automaker posted operating profit of 741.9 billion yen ($6.93 billion) in the April-June quarter, up from 682.6 billion yen a year ago and better than forecasts for an average 695.4 billion yen from analysts compiled by Refinitiv.
But it lowered its forecast for annual operating profit to 2.4 trillion yen from a previous forecast of 2.55 trillion yen, as it expects a stronger yen to weigh on profits. The new forecast compared with an average 2.61 trillion yen estimated by analysts.