Toyota posts record mid-term sales, net profit

Toyota Motor has reported record sales and net profit for the first half of the current fiscal year. Sales were strong in North America, where demand is recovering rapidly as the effects of the coronavirus pandemic ease.

The Japanese automaker says its group-wide sales for the April to September period came in at 15.5 trillion yen, or about 135 billion dollars. That is up 36.1 percent in yen terms from a year earlier.

Net profit rose 142 percent to 13 billion dollars.

Toyota was forced to cut output from August due to COVID-19 lockdowns in Southeast Asia. But it says it managed to minimize the impact through improved procurement of semiconductors and other parts.

The automaker upgraded its net profit forecast for the year through March, from 20 billion dollars to 21.8 billion dollars.

But executives say the revision is mostly due to the effects of a weaker yen. They say rising raw material costs may squeeze annual earnings.

Toyota revised downward the group's unit sales forecast for the year to nearly 10.3 million vehicles, a drop of 2.5 percent from the previous outlook in August.