CORRECTED: UPDATE1: Toyota returns to black in 1st qtr, eyes making over 10 mil. cars.TOKYO, Aug. 3 Kyodo
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Toyota Motor Corp., Japan's largest automaker, reported Friday strong earnings for the April-June first quarter, returning to a group operating profit Operating profit (or loss)
Revenue from a firm's regular activities less costs and expenses and before income deductions.
See operating income. and boosting net profit to 290 billion yen, from 1.2 billion yen the year before.
The automaker set its group global production target for fiscal 2012 to a record high of 10.05 million cars, trucks and buses to meet the growing demand in emerging economies as well as in other markets. The figures include those of Daihatsu Motor Co. and truck builder Hino Motors Hino Motors, Ltd. (日野自動車, Hino Jidōsha, TYO: 7205 ), commonly known as simply Hino, is a manufacturer of diesel trucks, buses, and other vehicles based in Tokyo, Japan. Ltd.
Helped by robust sales in North America, Japan, and other major global markets, the automaker also reported a group operating profit of 353 billion yen, compared with an operating loss operating loss
The excess of operating expenses over revenue. As with operating income, operating losses exclude revenues and expenses from operations that are not considered a regular part of the business. Also called deficit. Compare operating income. of 108 billion yen a year earlier, on sales of 5.5 trillion yen, up 59.9 percent.
The company also revised upward its group global sales target to 9.76 million units, up 180,000 units from the previous plan.
Sales have been brisk partly due to a recovery from the supply chain disruptions triggered by the earthquake and tsunami last year as well as the government subsidy program for environmentally-friendly vehicles in Japan, according to the automaker.
But Toyota kept its earnings outlook unchanged, naming uncertainties involved in the yen's appreciation against major currencies as well as the European sovereign debt crisis.
Its projected consolidated net profit is 760 billion yen, and the operating profit is 1 trillion yen on sales of 22 trillion yen.