Toyota lifts net profit outlook as yen expected to absorb higher costs

Toyota Motor Corp. on Thursday lifted its net profit forecast for the current business year to 2.36 trillion yen ($17.6 billion), as a greater windfall from a weaker yen is expected to more than offset the impact of higher material costs and production loss from chip shortages.The new outlook for the year to March 2023 compares with the previously projected 2.26 trillion yen and represents a 17.2 percent drop from the record net profit the previous year.Sales forecast was raised to 34.50 trillion yen from 33.0 trillion yen and operating profit projection was left unchanged at 2.40 trillion …READ FULL ARTICLE