Japan’s top automaker Toyota reported Thursday a 33 per cent jump in second fiscal quarter profit, as it raised its full year forecast despite supply chain woes related to the coronavirus pandemic.
Toyota Motor Corp. recorded a 626.65 billion yen ($5.5 billion) profit for the July-September period, up from 470.5 billion yen the previous year. Quarterly sales rose 11 per cent to 7.5 trillion yen ($66 billion).
Supply chain disruptions in computer chips caused by the pandemic’s impact have hurt all the world’s automakers.
Toyota has also been forced to reduce production because of the problems.
Toyota officials said production was recovering, and the company was revving up to meet the strong demand for its models, including sport utility vehicles and other offerings with solid profit margins.
Toyota expects a profit of 2.49 trillion yen ($22 billion) for the fiscal year through March 2022, up 11 per cent from 2.2 trillion yen the previous year.
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