TOKYO (AP) – Toyota’s quarterly profit rose nearly 5 percent as the weaker yen and costs reductions offset declining sales in some markets. The automaker raised its full-year earnings forecast.
Toyota Motor Corp., the No. 1 automaker in global vehicle sales, reported Friday a 627.9 billion yen ($5.4 billion) profit for the October-December fiscal third quarter, up from 600 billion yen a year earlier.
Quarterly sales rose 2 percent to 7.34 trillion yen ($63 billion).
Toyota, which makes the Prius hybrid, Camry sedan and Lexus luxury model, raised its annual profit forecast to 2.27 trillion yen ($19.5 billion) from 2.25 trillion yen ($19.2 billion).
The higher profit projection comes despite a six-day production halt this month because of a parts shortage caused by an explosion at an Aichi Steel Corp. manufacturing plant. Toyota’s vehicle production in Japan will be suspended from Feb. 8 to Feb. 13. Overseas production is not affected.