Toyota's profits rise as global chips supply crunch subsides
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For the fiscal year ended in March, profit at Japan's top automaker fell 14% on-year to 2.45 trillion yen ($18 billion). But it's forecasting profit to rise 5.2% for the current fiscal year to 2.58 trillion yen ($19 billion).
Toyota's January-March profit edged up 3% from the previous year on robust sales as a chips supply crunch gradually eased.
Toyota Motor Corp. racked up 552.2 billion yen ($4 billion) in quarterly net profit, up from 533.8 billion yen ($3.9 billion), according to results released Wednesday. Quarterly sales soared nearly 20% to 9.69 trillion yen ($72 billion).
For the fiscal year ended in March, profit at Japan's top automaker fell 14% on-year to 2.45 trillion yen ($18 billion). But it's forecasting profit to rise 5.2% for the current fiscal year to 2.58 trillion yen ($19 billion).
Automakers worldwide have been hurt by a shortage of computer chips and other auto parts because of restrictions over the coronavirus pandemic that crimped production in various countries.
Toyota said soaring raw material costs also hurt its bottom line.
The automaker's sales for the fiscal year that ended in March rose across global regions, including Japan, the United States, Europe and other markets, such as Asia, the Middle East and South America.
Toyota, based in Aichi prefecture's Toyota city in central Japan, sold 10.56 million vehicles for the fiscal year through March, including its group makers like Daihatsu and Hino, and expects to boost that to 11.38 million vehicles for the fiscal year ending in March 2024.
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