Toyota Motor Expects Materials And Logistics Costs Hurting FY23 Results

Toyota Motor Corporation (TYT.L,TM), a Japanese automotive major,
said on Wednesday that it expects a decrease in its operating income due to unprecedented increases in materials and logistics costs.

For fiscal 2023, the company is expecting a profit of 2.260 trillion yen, a decrease from 2.850 trillion yen reporting for fiscal 2022. However, it expects sales to increase to 33.000 trillion yen from 31.379 trillion yen registered during fiscal 2022.

For the fiscal 2022, despite Covid-19 induced restrictions and limited parts supplies, the Group reported a rise in earnings and revenue.

For the 12-month period to March 31, the automaker reported a profit of 2.850 trillion yen or 205.23 yen per share, compared with 2.245 trillion yen or 158.93 yen per share, reported for the fiscal 2021.

Pre-tax income was at 3.990 trillion yen versus, 2.932 trillion yen of the previous fiscal.

Operating earnings also moved up to 2.995 trillion yen from 2.197 trillion yen, reported for the 12-month period to March 2021.

The Group also recorded a rise in comprehensive income at 4.017 trillion yen as against 3.294 trillion yen, on year-on-year basis.

For the full year, Toyota generated a revenue of 31.379 trillion yen, higher than 27.214 trillion yen of previous fiscal.

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