Toyota net profit loss

Toyota Motor lost a net profit of 23.2 percent in the April-September period of the current fiscal year compared to the same period last year.

Included in Toyota’s statement were the manufacturer’s balance sheets for April to September 2022 and expectations for the second half of the fiscal year.

The company’s 6-month net profit fell 23.2 percent to 1.17 trillion yen ($7.9 billion), compared with the same period in the previous fiscal year.

Operating profit fell 34.7% to 1.14 trillion yen ($7.7 billion) in the fiscal half, with sales revenue up 14.4% to 17.7 trillion yen ($119.6 billion). millions of dollars).

Declines in net and operating profit were felt from higher material costs, including aluminum and steel.

PRODUCTION TARGET DECREASES FROM 9.7 MILLION TO 9.2 MILLION

“The negative impact of rising material prices (in the fiscal year) may not be fully offset,” Toyota Chief Financial Officer (CFO) Kon Kenta said at the online press conference.

Saying, “We caused problems for our suppliers and customers by cutting production many times,” Kon said they still maintain a high level of production.

Toyota’s comprehensive net profit target for fiscal 2022, which ends in March 2023, remains at 2.36 trillion yen ($15.9 billion).

The sales revenue target was increased to 36 trillion yen ($243 billion).

Due to the global semiconductor supply gap, the previously announced FY2022 vehicle production target of 9.7 million was lowered to 9.2 million. (AA)