Toyota has recorded a 25 per cent decline in quarterly profit, figures released today show. The established automotive manufacturer has witnessed a drop in supply with the declining value of the yen despite sticking to its full-year operating forecast of 2.4 trillion yen.
The Japanese company said in a statement that it expects to “produce 9.2 million vehicles this fiscal year, down from the previously forecast 9.7 million, attributing the change of projection to “difficult to predict the future due to risks such as procurement of semiconductors”.
As Refinitiv has established, “the operating profit for the three months ended Sept. 30 fell to 562.7 billion yen ($3.79 billion), missing an average estimate of 772.2 billion yen in a poll of 12. In the same period a year earlier, Reuters notes, Toyota, the world’s biggest automaker by sales, reported a profit of 749.9 billion yen.
“The business environment is changing dramatically such as the rapid changes of foreign exchange rates, raising interest rates, soaring materials prices, and more,” Toyota’s chief accounting officer Masahiro Yamamoto told analysts.
Last week, Toyota said its global production increased in the quarter that ended in September. It, however, warned that “shortages of semiconductors and other components would continue to constrain output in coming months.” “It would be unlikely to meet its 9.7 million vehicle production goal for this financial year due to scarcity of chips,” the company said last month.
