ToyotaOperating profit hit an all-time high of 997.49 billion yen ($9.15 billion) in the fiscal first quarter to the end of June, thanks to a rebound in sales after the outbreak and better coping with global chip shortages than competitors, the results said on Wednesday.
The result far exceeded the average expectation of 752 billion yen among analysts surveyed by Refinitiv, a more than 70-fold increase from 13.9 billion yen during the blockade of the epidemic in the same period last year.
However, Toyota kept its operating profit forecast for the current fiscal year unchanged at 2.5 trillion yen, mainly due to the uncertainty caused by the COVID-19 epidemic, the shortage of chips, the rise in spare parts prices and other factors.
The forecast was lower than the average 2.88 trillion yen expected by analysts surveyed by Refinitiv. As a result, Toyota shares fell on Wednesday afternoon.