Toyota Announces Record-Breaking 6.9 Billion Euro Net Profit. However, the Group Didn't Change Its Annual Forecasts, Citing Many "Uncertainties". Japanese auto giant Toyota posted sharply higher year-on-year results for the
Japanese auto giant Toyota posted sharply higher year-on-year results for the first quarter of 2021/22 on Wednesday, but did not raise its annual forecast for the rest of the year amid many "uncertainties."
Net profit for April-June 2021 was 897.8 billion yen (6.9 billion euros), more than five times compared to the same period last year, thanks to the dynamic recovery in its business after the initial impact of the pandemic. A Toyota spokesperson said this was a record net profit for the group's first quarter.
Operating profit reached 997.5 billion yen and quarterly sales were 7,935.6 billion yen (61.3 billion euros), up 72.5% year on year.
In its communication, Toyota said it was "a result of maintaining our sales and supplies (...) despite the semiconductor shortage and the spread of Covid-19."
This Is Always Unpredictable!
However, the group did not change their annual forecast, citing many "uncertainties."
“The situation is still unpredictable due to the spread of Covid-19 in developing countries, semiconductor shortages, and rising raw material prices,” the manufacturer said.
Currently, it expects an annual net profit of 2.3 trillion yen (€17.7 billion), an increase of 2.4%, and an operating profit of 2.5 trillion yen, i.e. +13.8% in one year.
Likewise, it continues to estimate an annual turnover of 30,000 billion yen (231.7 billion euros at the current rate) for all its brands, with a sales volume of 10.55 million units across the entire app.
Tokyo Stock Exchange investors were appalled by Toyota's prudence as many hoped for an increase in annual targets. Around 05:00 GMT, its action dropped about 1.7%, while it rose slightly before the results were released.