Toyota’s Indian unit, Toyota Kirloskar Motor (TKM), has revised its earnings forecasts and expects to end the current fiscal year with a small profit instead of the loss it had projected earlier.
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The Hindu Business Line newspaper reports that the firm has also decided to start hiring workers on contract again.
Toyota Kirloskar Deputy Managing Director, Mr Shekhar Viswanathan, told Business Line. “If the current exchange rate continues, we will make a modest profit this fiscal [year].”
TKM is also likely to display a new compact car at the New Delhi Auto Expo in January.
The car is expected to be launched towards the end of 2010.
Mr Viswanathan said with the sales picking up, Toyota Kirloskar will start hiring workers on
TKM says that the Fortuner has turned out to be a runway success since its launch in September and has decided to increase its production from November.
But it will not affect the production of the Innova model. “It is our bread and butter and we do not want to disrupt its production,” Mr Viswanathan said.
The company expects to end the calendar year with sales of about 55,000 units compared with 52,000 units in 2008.
