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Toyota net profit hits first quarter record but forecast unchanged
An employee inspects a new Toyota Crown at the Japanese carmaker’s plant in Tianjin, China. — Reuters
An employee inspects a new Toyota Crown at the Japanese carmaker’s plant in Tianjin, China. — Reuters

TOKYO: Toyota’s net profit soared more than fivefold in the first quarter as strong sales were fuelled by the recovery from the coronavirus crisis, but the firm left its annual forecast unchanged citing “uncertainties” ahead.


The world’s top-selling automaker has bounced back quicker than its competitors from the impact of Covid-19 lockdowns, reclaiming the top spot for sales last year.


The Japanese giant has also so far weathered a global chip shortage that has forced rivals to slash production targets, although it is now facing some disruption.


For the three months to June, Toyota logged an 897.8 billion yen ($8.2 billion) net profit — a record for the first quarter, and up from 158.8 billion yen in the same period last year.


Sales surged 72.5 per cent to 7.9 trillion yen. — Reuters


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