TOKYO (Reuters) – Toyota Motor said on Thursday it posted a 17% rise in first-quarter operating profit, as the Japanese automaker got a boost from cost reduction efforts and the weak yen that helped offset lower sales and production volume in Japan.
The world’s top-selling automaker said operating profit for the three months through June totalled 1.3 trillion yen ($8.70 billion).
The result compared to 1.1 trillion yen in the same period last year, and the 1.3 trillion yen average of six analyst estimates compiled by LSEG.
Toyota maintained its forecast for a 4.3 trillion yen profit for the current year, versus a 5.3 trillion yen average of 18 analyst estimates.
Toyota shares, which were down 5.5% just before the earnings release, extended their losses immediately afterwards and were down 7.6% at 2,725 yen by 0434 GMT.
($1 = 149.4800 yen)
(Reporting by Daniel Leussink; Editing by Christopher Cushing)
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