Toyota projected a 21% drop in net profit for the current fiscal year despite higher revenue, blaming higher material costs
“This fiscal year, it’s going to be even more difficult than in other years to make a forecast,” said Jun Nagata, Toyota’s chief communication officer.
Mr. Nagata said an end to the Covid-19 pandemic was a potential bright spot in the company’s outlook, but he added: “If you look at the negative factors, raw material prices are soaring, inflation is having an impact on the daily lives of people, [and] supply constraints of semiconductors will have an impact on the business of auto manufacturers. So the problems are compounding this year.”
For the current fiscal year, which ends in March 2023, Toyota said it expected group vehicle sales, including those of subsidiaries Daihatsu Motor Co. and Hino Motors Ltd., to increase to 10.7 million units from 10.4 million units last fiscal year. It expects revenue to increase 5.2% to the equivalent of $253 billion. However, the additional costs and supply-chain disruptions mean profit is likely to fall 21% to the equivalent of about $17 billion, Toyota said.
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