Toyota more than doubled its full-year operating profit forecast on Friday, as vehicle sales rebound in China from a coronavirus pandemic squeeze earlier this year that contributed to a 24% slide in second-quarter earnings, reported Reuters.
Japan’s top automaker said it now expects an operating profit of 1.3 trillion yen ($12.6 billion) for the year through March, 2021, up from the 500 billion it predicted previously. Operating profit for the previous financial year was 2.47 trillion yen.
That topped the 1.25 trillion yen average estimate for full-year profit from 26 analysts polled by Refinitiv.
For the second quarter, from July to September, operating profit fell to 506 billion yen from 662.4 billion in the same period a year earlier, according to Reuters’ calculations, as sales dipped amid the coronavirus impact globally.