TOKYO: Toyota reported a 50% jump in its October to December profit Wednesday, underlining a solid recovery at the Japanese automaker from the damage of the coronavirus pandemic.
Toyota Motor Corp.’s fiscal third quarter profit totaled 838.7 billion yen ($8 billion), up from 559 billion yen the previous year.
Quarterly sales rose to 8.2 trillion yen ($78 billion) from 7.6 trillion yen.
Although its business operations are still suffering because of the pandemic, cost cuts and other efforts including online marketing campaigns helped boost its bottom line, Toyota executive Kenta Kon told reporters.
Toyota said it expects to sell 7.6 million vehicles globally for the fiscal year through March, down from nearly 9 million vehicles the previous fiscal year.
But the latest projection is better than the earlier forecast to sell 7.5 million vehicles.
Global vehicles sales are rebounding in the latest quarter, with Toyota selling more vehicles in the US, Japan and Europe, compared to the previous fiscal year.
Toyota raised its annual profit forecast to 1.9 trillion yen ($18 billion), up from an earlier projection for a 1.4 trillion yen ($13 billion) profit.
That’s still lower than the 2 trillion yen profit the maker of the Corolla subcompact, Prius hybrid and Lexus luxury models raked in the previous fiscal year.
Takaki Nakanishi, an equities analyst at Jefferies, sees an “upward trend” for Toyota, which he thinks will grow stronger this year.
The auto industry has suffered from a shortage of computer chips because of the pandemic, but that is slowly being resolved.
Kon said the shortage has not yet affected Toyota’s production, although uncertainties remain.
On a separate issue, when asked what the company thought of recent remarks by Tokyo Olympics organizing committee president Yoshiro Mori, which were widely criticized as sexist, the company referred to a statement from Toyota Chief Executive Akio Toyoda.
Toyoda did not call for Mori’s resignation. But he stressed that Toyota was a corporate sponsor of the Olympics because it supports the Games’ goals of promoting peace and diversity.
“The comment is different from our values, and we find it regrettable,” Toyoda said.
Toyota profits up amid solid recovery from pandemic fallout
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Toyota profits up amid solid recovery from pandemic fallout
- Toyota said it expects to sell 7.6 million vehicles globally for the fiscal year through March
King Abdulaziz Airport among world’s busiest after record-breaking 2025
RIYADH: King Abdulaziz International Airport has achieved a new historical milestone, reaching 53.4 million passengers in a single year.
This is the highest number ever recorded at a Saudi airport since the beginning of air travel in the Kingdom, placing it among the world’s mega airports in terms of passenger traffic, according to the Saudi Press Agency.
The airport handled a total of 310,000 flights and 60.4 million bags, representing a 12 percent increase compared to 2024. It also handled 9.57 million Zamzam water containers and 2,968 cargo flights.
This achievement reflects the airport’s qualitative transformation and its position as a regional hub and national gateway connecting the Kingdom to the world. It also highlights its role in facilitating the movement of visitors and pilgrims, promoting tourism in line with the goals of Vision 2030, diversifying the economy, and providing a distinguished travel experience.
For his part, CEO of Jeddah Airports Co. Mazen Johar, affirmed that reaching 53.4 million passengers confirms the airport’s high operational readiness and represents a pivotal milestone for moving to the next phase, in preparation for doubling this number, God willing, in the coming years.
He pointed out that this national achievement would not have been possible without the grace of God Almighty, followed by the directives of the wise leadership and the continuous follow-up from the minister of transport and logistics, the president of the General Authority of Civil Aviation, and the CEO of Airports Holding Co.
He explained that King Abdulaziz International Airport is strengthening its position as a major aviation hub in the region through expansions, increased capacity, and improved services, supporting the objectives of the aviation program and aligning with the goals of the Kingdom’s Vision 2030.
The CEO of Jeddah Airports Co. expressed his gratitude to the partners in success from various government and private sectors for their fruitful cooperation through a collaborative work system that contributed to providing the best services.
