Toyota raises full-year profit forecast to record $18b

TOKYO, Feb 4 (AFP):  The world's biggest automaker Toyota on Wednesday raised its full-year net profit forecast to a record $18.1 billion, citing a weak yen, cost cuts and strong demand in the key North American market.
The Japanese firm, maker of the Corolla and Prius hybrid among many other models, said it now expects to book a 2.13 trillion yen ($18.1 billion) net profit in the fiscal year to March, up from an earlier 2.0 trillion yen forecast.
It said sales would come in at 27 trillion yen, also up from its earlier 26.5 trillion yen forecast.
Toyota's full-year earnings estimate is bigger than rival General Motors and Volkswagen's combined 2014 profit targets.
The upgraded forecast -- the second in recent months -- comes after Toyota retained the crown of world's biggest automaker by selling a record 10.23 million vehicles in 2014.
"Toyota has established a unique position in the rapidly changing post-financial crisis world," said Mitsushige Akino, an executive officer at Ichiyoshi Asset Management in Tokyo.
"They have become the company that can make profits constantly."
The firm's bloated bottom line underlines efforts to focus more attention on squeezing out productivity gains and better using existing plants -- it has put on hold the building of new factories until early 2016.
Toyota's shares closed 2.36 per cent higher at 7,728.0 yen in Tokyo before the results were released.