Toyota Motor Co. tripled its net earnings for the July – September quarter as it continued recovering from last year’s devastating Japanese earthquake and tsunami.
The huge jump – which saw the maker’s profit jump to 257.9 billion yen, or $3.2 billion, well in excess of analysts’ consensus forecasts — came despite lopsided exchange rates and the impact of a boycott in China. And it encouraged to maker to forecast that net earnings for the full year will now reach $9.8 billion, up from an earlier forecast of $9.5 billion.
“We have revised the forecast we announced at the end of the first quarter to reflect the progress we have been making,” said Executive Vice President Satoshi Ozawa.
Toyota operates on a fiscal year ending March 31st, so the latest earnings mark the end of the first half of that year during which it saw profits surge 572.1% compared to year-earlier levels.