Toyota more than doubles quarterly profit, shares surge

A view of the Toyota FT-3e elecric SUV concept vehicle during a press day of the Japan Mobility Show 2023 at Tokyo Big Sight in Tokyo, Japan October 25, 2023. REUTERS/Issei Kato/File Photoreported a more than doubling of second-quarter profit on Wednesday, helped by a weak yen currency and strong sales, and raised its full-year forecast by 50%.

The world's top-selling automaker said operating profit for the three months to the end of September rose 155.6% from a year earlier to 1.44 trillion yen . The results compared to an average 1.08 trillion yen profit estimate in a poll of 10 analysts by LSEG and a profit of 562.8 billion yen in the same period last year.

The Japanese automaker lifted its full-year profit forecast by 50% to 4.5 trillion yen from 3 trillion yen. That compares to analysts' average forecast of 4.0 trillion yen. Toyota shares, which were up 4.4% just before the release of the earnings, jumped immediately after and were up 6.1% at 2748 yen by 0500 GMT.Top oil exporter Saudi Arabia may keep the price for its flagship Arab Light crude little changed to Asia after five months of price hikes, as the market, rattled by geopolitical tensions, juggles supply uncertainty with declining demand.

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