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| Source: www.pinthiscars.com |
The Japanese automaker, Toyota Motor Corporation, cut its annual operating profit forecast to be down 44 percent compared to 2015 due to the strengthening yen exchange rate. The world's largest automobile manufacturer by volume of the market is being pegged their annual profit only amounted to 1.6 trillion yen (approximately 15.76 billion US dollars), from a previous projection of 1.7 trillion yen.
The new profit forecast is based on exchange rate of 102 yen per dollar and 113 yen per euro, after a long projections assuming the exchange rate of 105 yen per dollar and 120 yen per euro. With fluctuations in currency exchange rates that Toyota will report a profit of 1.12 trillion yen from the year gone by, from the previously projected 935 billion yen.
The manufacturer says will be more aggressive in labor costs and other expenditure items in order to anticipate the impact is greater than the value of the currency fluctuations.
In the second quarter of 2016, from April to June, the yen's appreciation presses operating profit for Toyota by 15 percent to 642 billion yen alone. Even so, the figure still exceeded the forecasts of 11 analysts from Thomson Reuters who had expected only 493.5 billion yen.
Toyota revealed in the first quarter of the fiscal year they increased global sales of their vehicles thanks to the positive performance in the Japanese market, Europe and Asia, offset a decline in North America and some other regions.
Throughout the year it expects to sell more vehicles in several regions including North America, Europe and Asia than previously projected, although total global sales forecast unchanged, according to Reuters.
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