Yen's weakness earlier in year expected to boost Toyota earnings

August 26, 1999|By BLOOMBERG NEWS

TOKYO -- Toyota Motor Corp., the world's third-biggest automaker, said the yen's weakness earlier this year will give its earnings an unexpected boost in the six months through September, though full-year results should be as earlier forecast.

The company raised its first-half profit forecast by 41.7 percent to 170 billion yen ($1.5 billion), from 120 billion yen. Toyota now projects sales at 3.55 trillion yen in the first half, up 4.4 percent from its original forecast of 3.4 trillion yen.

The yen's earlier weakness will add 30 billion yen to first-half earnings, said Toyota Director Hideto Ozaki. The Japanese currency slipped to 121 yen to the dollar during the period, compared with the company's 118 yen forecast, he said.

Toyota now expects the dollar to trade at about 115 yen, in line with its earlier full-year forecast.

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