Toyota Motor Corporation, the family-controlled automaker, announced 5 November it has raised its full year forecast based on strong first half results.
The Japan-based company recorded revenues of 9,678 billion yen (€84 billion) for the six months ending 30 September, an increase of 15% on the same period last year, and operating income of 289 billion yen.
According to the company, the increases were due in part to cost reduction efforts in the region of 90 billion yen and strong sales in Asia.
Based on these results, Toyota has increased its full year net income forecast to 350 billion yen compared to a previous estimate of 340 billion yen.
"Operating income improved significantly despite the substantial negative impact from the strong yen," said Satoshi Ozawa, Toyota executive vice president.
"This was due to our marketing efforts such as improved sales by 585 thousand vehicles and decreased loan-loss and residual-loss related expenses in our financial services for the first quarter, and to our cost reduction efforts."
The positive results will buoy Toyota's family head, 54-year-old Akio Toyoda (pictured), who has weathered a storm of recalls and loss of trust that started a year ago and looked likely to cost the third-generation head his job.
But analysts signal a note of caution over the second half forecasts, as a stronger yen would erode profits at the world's largest carmaker.
Toyoda, the grandson of Toyota's founder and the first family head in 14 years, took over in June 2009.
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