Toyota expected to forecast higher profit, helped by solid demand, weak yen

Toyota is expected to forecast an 11 percent increase in operating profit to 3.36 trillion yen ($25.7 billion) for the year that started on April 1, according to a poll of 25 analysts by Refinitiv.

For the year just ended, analysts expect profit increased 37 percent to 3.02 trillion yen.

The company has said that both global production and sales saw a yearly increase for the first time in three years in the year just ended. Still, it was forced to announce cutbacks in production between April and June to ease the burden on its suppliers, which were frustrated by repeated production plan changes due to the shortage of parts.

In addition to rising commodities costs, supplies are also expected to be complicated by lockdowns that have followed COVID-19 outbreaks in China.

Rival Honda is expected to forecast a 13 percent increase in profit to 925 billion yen, while Nissan is expected to forecast a 50 percent jump to 318.5 billion yen, according to Refinitiv.

Toyota will report results on Wednesday, Nissan on Thursday and Honda on Friday.

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