TOKYO, Aug 4 (Bernama-dpa) -- Japanese automaker Toyota on Tuesday reported sharply higher first-quarter net profit but lower operating income and raised its outlook for fiscal 2027 despite continuing to forecast lower earnings than a year earlier, reported German news agency dpa.
For the current year ending March 31, 2027, Toyota now expects net profit of 3.25 trillion yen (US$20.6 billion), or 272.17 yen per share, down 15.5 per cent from the previous year. The company also forecasts operating income of 3.40 trillion yen, down 9.7 per cent.
But the previous guidance had called for net profit of 3 trillion yen, down 22 per cent year-on-year, and operating income of 3 trillion yen, down 20.3 per cent
The company also announced a share buyback of up to 1 trillion yen through open-market purchases and said it will cancel 200 million treasury shares, equivalent to 1.37 per cent of its outstanding shares.
Toyota now expects sales revenue to rise 6.5 per cent to 54 trillion yen, compared with its previous forecast of 51 trillion yen, while consolidated vehicle sales are projected at 9.70 million units, up from the earlier estimate of 9.60 million and above last year's 9.595 million.
The company said the improved outlook reflects changes in the external environment, including foreign exchange assumptions, as well as marketing initiatives such as establishing alternative logistics routes to the Middle East.
First-quarter sales revenue increased 10.4 per cent to 13.525 trillion yen from 12.253 trillion yen, while consolidated vehicle sales slipped to 2.395 million units from 2.411 million a year earlier.
--BERNAMA-dpa