Toyota now forecasts a net profit of $9.3 billion for the financial year to 31 March 2013. This comes on the back of profits being boosting by the yen falling as much as 15 percent against the US dollar since November 2012. A weak yen helps Japanese companies like Toyota which rely heavily on overseas sales.
The company issued the guidance as it posted a 23 percent jump in profit for the September to December quarter. The numbers mean that Toyota's earnings for the April to December period nearly quadrupled from a year earlier.
The firm added that it expects its sales to rise further in the coming months, driven mostly by an improved performance in the US. "We believe that our efforts have been bearing fruit and that we are finally on the road to sustainable growth," said Takahiko Ijichi, senior managing officer at Toyota.