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Toyota rebounds to post stronger-than-expected profit

August 3, 2012

TOKYO: Toyota Motor Corp today posted its largest quarterly operating profit in four years and raised its 2012 global sales target on the strength of demand for cars like the Camry and Prius in key markets such as the United States and Japan.

The world’s top automaker reported an operating profit of 353 billion yen (US$4.51 billion), from a loss a year ago, a better-than-expected result that underscored its rebound from the natural disasters that blighted 2011.

Toyota, which regained its crown as the world’s best-selling automaker in the first half of 2012, said it now expects to sell 9.76 million cars and light trucks globally in 2012. That was up almost 2% from its previous forecast.

The automaker posted a quarterly operating profit of 353 billion yen (US$4.51 billion), compared with a 108-billion yen loss a year ago when production was disrupted by the March earthquake in Japan.

The profit for the quarter ending in June was higher than the average estimate of 314.1 billion yen based on eight analysts polled by Thomson Reuters I/B/E/S.

In its single biggest and most profitable market, the United States, Toyota sales have snapped higher by 28% through July, the biggest gain for any major automaker.

The US sales gains have been combined with higher transaction prices, reflecting strong demand for the Prius hybrid and the Camry sedan, the top-selling car in the United States.

Toyota said it now expects to sell 2.38 million vehicles in North America in 2012, an upward revision of just over 1% to its earlier forecast.

The strong performance by Toyota marked a contrast with its closest Japanese rivals.

Both Nissan and Honda, which released their quarterly earnings in late July, underperformed analyst expectations, citing the drag from the strong yen and costly sales incentives as they tried to shift older models before putting revamped models on sale.

Shares in Toyota have fallen nearly 15% in the financial year that began in April. Today , they ended at 3,065 yen, up less than 1% but outperforming the wider market, which fell more than 1%.

RBS bank announces quarterly net loss of £466m

LONDON: State-rescued Royal Bank of Scotland today said net losses had narrowed to £466 million (US$723 million) in the second quarter compared with the equivalent period one year earlier.

RBS, 82%-owned by the British government after a massive bailout amid the global the financial crisis, had posted a loss after tax of £897 million in the April-June period last year.

IAG flies into net loss of 251 million euros in first half

LONDON: International Airlines Group, parent of British Airways and Iberia, said today that it fell into a net loss of 251 million euros (US$306 million) in the first half on soaring jet fuel costs.

IAG suffered a loss after tax for the six months to June 30 as fuel charges soared 25% in the reporting period, while the airlines group had posted a net profit of 88 million euros in the first half of 2011.

Japan’s ANA posts US$8.55m first-quarter net profit

TOKYO: Japan’s All Nippon Airways (ANA) today posted a net profit of 668 million yen (US$8.55 million) in its fiscal first quarter to June, reversing a year-earlier loss.

The carrier’s sales rose 12.5% from a year ago to 343.19 billion yen as travel demand and the Japanese economy continued its recovery from last year’s quake and tsunami disaster.

- Agencies


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