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April 27, 2005

JAPAN: Paper says Toyota will post smaller-than-expected annual net profit rise

Toyota will likely report a slightly smaller-than-expected 1% rise in net profit when it releases 2004/05 earnings in May, the Nihon Keizai business daily reported on Wednesday, according to Reuters.

Toyota will likely report a slightly smaller-than-expected 1% rise in net profit when it releases 2004/05 earnings in May, the Nihon Keizai business daily reported on Wednesday, according to Reuters.

Group net profit at the world’s second-biggest auto maker is expected to be a record 1.17 trillion yen ($US11.02 billion) for the year ended March 31 on sales of 18.2 trillion yen, up 5% from a year earlier, the report added.

The net profit figure is below the consensus forecast of 1.19 trillion yen in a poll of 23 analysts by Reuters Estimates.

According to Reuters, the paper said Japan’s top auto maker will likely post the first profit decline in four years this year as higher raw materials costs and capital spending to expand production capacity offset an expected 7% rise in global sales to 7.8 million vehicles.

The paper reportedly said Toyota will budget at least 1.2 trillion yen for capital spending in the current business year to next March, beating last year’s record-high level by 13%.

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