Toyota profits up amid solid recovery from pandemic fallout

Toyota reported a 50% jump in its October to December profit Wednesday, underlining a solid recovery at the Japanese automaker from the coronavirus pandemic's damage, Report informs, citing foreign press.

Toyota Motor Corp.'s fiscal third-quarter profit totaled 838.7 billion yen ($8 billion), up from 559 billion yen the previous year.

Quarterly sales rose to 8.2 trillion yen ($78 billion) from 7.6 trillion yen.

Although its business operations are still suffering because of the pandemic, cost cuts and other efforts, including online marketing campaigns, helped boost its bottom line, Toyota executive Kenta Kon told reporters.

Toyota said it expects to sell 7.6 million vehicles globally for the fiscal year through March, down from nearly 9 million vehicles the previous fiscal year.

But the latest projection is better than the earlier forecast to sell 7.5 million vehicles.

Global vehicle sales are rebounding in the latest quarter, with Toyota selling more vehicles in the U.S., Japan, and Europe, compared to the previous fiscal year.

Toyota raised its annual profit forecast to 1.9 trillion yen ($18 billion), up from an earlier projection for a 1.4 trillion yen ($13 billion) profit.