Toyota reports $5.4bn quarterly profit, raises full-year earnings forecastFebruary 5, 2016 - 12:28 AMT PanARMENIAN.Net - Toyota's quarterly profit rose nearly 5 percent as the weaker yen and costs reductions offset declining sales in some markets. The automaker raised its full-year earnings forecast, the Associated Press says. Toyota Motor Corp., the No. 1 automaker in global vehicle sales, reported Friday a 627.9 billion yen ($5.4 billion) profit for the October-December fiscal third quarter, up from 600 billion yen a year earlier. Quarterly sales rose 2 percent to 7.34 trillion yen ($63 billion). Toyota, which makes the Prius hybrid, Camry sedan and Lexus luxury model, raised its annual profit forecast to 2.27 trillion yen ($19.5 billion) from 2.25 trillion yen ($19.2 billion). The higher profit projection comes despite a six-day production halt this month because of a parts shortage caused by an explosion at an Aichi Steel Corp. manufacturing plant. Toyota's vehicle production in Japan will be suspended from Feb 8 to Feb 13. Overseas production is not affected. Over the three month period through December, Toyota's vehicle sales rose in North America, while declining in Japan, Europe and Asia. Managing Officer Tetsuya Otake said cost reductions and the weaker-than-expected yen offset increased sales expenses. Although Toyota stumbled with massive recalls several years ago, mostly in the U.S., over a variety of defects, it has recently shifted gears to pursue growth more aggressively. It outpaced Volkswagen AG of Germany, which has been hurt by an emissions cheating scandal, as well as U.S. rival General Motors Co. in global vehicle sales. Toyota sold 10.15 million vehicles around the world last year. Top stories Yerevan has dismissed Turkey’s demand to shut down the Armenian nuclear power plant as “inappropriate”. Armenia will loan 2.9 billion drams to Nagorno Karabakh (Artsakh), according to a draft government decision. The Ministry of Ecology and Natural Resources of Azerbaijan has “strongly condemned” Armenia’s decision. Kerobyan has said that for the first time in the history of Armenia, the volume of foreign direct investments amounted to about $1 billion. Partner news | Mirzoyan says meeting with Bayramov was “constructive” At the moment, Ararat Mirzoyan said, there is no basis for additional comments. OSCE vows support for Armenia “in all three directions of security” Achieving stable peace between Armenia and Azerbaijan remains a priority of the OSCE, said Ian Borg. 151 detained as civil disobedience campaigns continue in Yerevan Citizens have been blocking streets in the Armenian capital, demanding Nikol Pashinyan’s resignation. France welcomes Armenia-Azerbaijan meeting in Almaty France has welcomed the new round of negotiations between the foreign ministers of Armenia and Azerbaijan. |