Japan's Toyota Motor Corporation today reported record first-half operating profit and lifted its full-year forecasts as it enjoys brisk sales overseas, particularly in emerging markets.
A pioneer of eco-friendly hybrids, Toyota also raised its full-year target for vehicle sales as it vies with Detroit giant General Motors to be the world's best-selling car maker.
Operating profit rose 16.3% rise to 1.27 trillion yen ($11.1 billion) in the six months to September, helped by a weaker yen which is positive for export earnings, a company statement said.
Net profit jumped 21.3% to 942.41 billion yen as revenue grew by 13.4% to 13.01 trillion yen. Asian markets outside of Japan were particularly lucrative, with revenue up 46.9%.
Toyota also upgraded its outlook for the year to March. It now expects a 2.7% rise in operating profit to 2.30 trillion yen, better than a previous forecast of 2.25 trillion.
Net profit is projected to rise 3.4% to 1.70 trillion yen as revenue grows by 6.5% to 25.5 trillion yen.
The company cautioned that competition between car makers was 'becoming increasingly fierce'. But it still raised its full-year sales target to 8.93 million vehicles from a previous goal of 8.89 million.
Toyota sold 4.30 million vehicles globally in the first half, up 3.8% from a year earlier, despite a 6.3% decline in Japan, where all the major domestic car makers are struggling.
