Toyota Expected to Report Around $13 Billion Annual Operating Profit image

Toyota is expected to report an operating profit of $13.1 billion for the financial year ended March, up 3.7%.

The Nikkei business daily reported today, May 6th, that Toyota is expected to report an operating profit of around 1.3 trillion yen for the financial year ended March, which would be 150 billion yen more than the automaker’s previous forecast made in February. Since 2008, Toyota’s annual profit has not surpassed 1 trillion yen, after the company reported for the year ended March 2008 a profit of 2.27 trillion yen.

In February, the Japanese automaker increased its net profit target for the year ended March by more than 10% to 860 billion yen due to increased demand in the US for the Camry sedan and other models. Last month Toyota said it is optimistic about the sales in the US this year, relying on customers that have to change their aging vehicles.

Jim Lentz, Toyota’s new chief executive of North America, said that the company expects new-car sales in the US reach 15.3 million units this year, an increase from 14.7 million units in 2012. Six months ago Toyota set a 2013 sales forecast of 14.7 million, as it believed that the fiscal cliff will dampen the economy.

Source: Reuters