Toyota boosts full-year profit forecast on currency moves, third-quarter profit eases

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TOKYO (Reuters) – Toyota Motor Corp (T:) on Thursday raised its forecast for annual operating profit by 4.2% due to a slightly weaker yen.

Toyota expects operating profit to rise to 2.5 trillion yen ($22.7 billion) in the year to March, up from 2.47 trillion yen the previous year and its earlier forecast of 2.4 trillion yen.

The outlook is based on a new assumption for the yen to average around 108 yen to the U.S. dollar versus 107 yen previously.

The higher forecast comes even as Toyota posted a 3.2% decline in third-quarter profit, hurt by softer global vehicle sales.

Operating profit for Japan’s biggest automaker came in at 654.4 billion yen in the October-December quarter, down from 676.1 billion yen a year ago.

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