TOKYO, Nov 1 ― Toyota Motor Corp today posted a 25 per cent drop in second-quarter operating profit, as soaring parts and materials costs outweighed a boost in overseas revenue from the plunging Japanese yen, as well as a rebound in production.
Operating profit for the three months ended September 30 fell to ¥562.7 billion (RM18 billion), missing an average estimate of ¥772.2 billion in a poll of 12 analysts by Refinitiv. In the same period a year earlier, the world's biggest automaker by sales reported a ¥749.9 billion profit.
Still, the company stuck to its full-year operating forecast of ¥2.4 trillion for the fiscal year through March 31.
Toyota said last week its global production rebounded by 30 per cent in the quarter that ended in September, but warned shortages of semiconductors and other components would continue to constrain output in coming months.
It also warned last month that it is unlikely to meet its 9.7 million vehicle production goal for this financial year citing a scarcity of chips. It cut the target today to 9.2 million vehicles.
A gradual improvement in the auto chip shortage situation should help raise output in the second half of the current fiscal year, but investors are now concerned about the outlook for demand as rising interest rates deepen recession fears. ― Reuters
