CORRECTED: Toyota ups FY 2020 net profit outlook to 1.9 tril. yen

©Kyodo News

Toyota Motor Corp. on Wednesday raised its earnings forecast for fiscal 2020, saying it expects a net profit of 1.90 trillion yen ($18 billion) following a steady recovery in auto demand in the U.S. and Chinese markets despite the coronavirus pandemic and a global semiconductor shortage.

Toyota previously forecast a net profit of 1.42 trillion yen for the year through March 31. The revised figure is 6.7 percent down from fiscal 2019.

Operating profit is expected to fall 16.6 percent to 2 trillion yen, compared with its earlier estimate of 1.3 trillion yen.

The sales forecast was slightly raised to 26.5 trillion yen from the 26 trillion yen projected earlier, down 11.3 percent.

For the April-December period, Toyota reported a 14.1 percent fall in net profit to 1.47 trillion yen. Operating profit was down 26.1 percent to 1.51 trillion yen on sales of 19.53 trillion yen, down 15.0 percent.