Toyota to double full-year profit forecast to more than $9.7 billion – media

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TOKYO (Reuters) – Toyota Motor Corp (T:) will likely more than double its full-year operating profit forecast when it reports second quarter earnings on Friday as vehicle sales rebound in the United States and China, the Mainichi daily reported.

Japan’s top automaker is likely to project an operating profit of more than 1 trillion yen ($9.66 billion) for the year to March 31, 2021, from the 500 billion yen (£3.6 billion) projected in August, the Mainichi said, without citing sources.

A Toyota spokesman declined to comment on the report.

In its most recent forecast, Toyota predicted a full-year 500 billion yen operating profit, the weakest in nine years, following a slump in demand caused by the coronavirus pandemic.

That compares with a 2.47 trillion yen profit last business year.

The average estimate from 26 analysts polled by Refinitiv is for full-year operating profit of 1.25 trillion yen.

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