• Analysts closely watching the impact of the new coronavirus in China, where Toyota has suspended operations at more than 10 plants

TOKYO: Japanese car giant Toyota on Thursday reported gains in net profit and sales for the nine months to December thanks to cost-cutting efforts, and upgraded its full-year profit forecasts.

While the maker of the Camry sedan and Prius hybrid unveiled upbeat earnings and forecasts, analysts were closely watching the impact of the new coronavirus in China, where the firm has suspended operations at more than 10 plants.

Toyota said net profit for April-December jumped 41.4 percent from a year earlier to ¥2.0 trillion ($18 billion) with sales up 1.6 percent at ¥22.8 trillion.

The company revised upward its full-year profit forecast, now projecting a net profit of ¥2.35 trillion for the fiscal year to March, compared with its earlier estimate of ¥2.15 trillion, thanks to foreign exchange gains.

Its operating profit is now forecast at ¥2.5 trillion, from ¥2.4 trillion estimated earlier, while its sales outlook remained unchanged at ¥29.5 trillion.

AFP