Full year profit forecast raised by Toyota

<p>Toyota has increased its full year profit forecast.</p>

The share price of carmaker Toyota rose today (November 6th) after the company announced it is raising its full year profit forecast.

Stocks in the firm were up by more than two per cent on the back of the news it now expects it will make a net profit of 1.67 trillion yen (£10.5 billion) in the financial year to the end of March.

Nobuyori Kodaira, an executive vice president with Toyota, said the weaker yen has had a positive effect on the health of the business.

He added that as well as this, "operating income increased due to our efforts with our suppliers and distributors for profit improvement through cost reduction and marketing activities, such as enhancement of the model mix".

The move comes as a contrast to rival Asian carmaker Nissan recently lowering its earnings forecast for the year, with the company warning that "sluggish" demand in Europe has had a negative impact on sales.

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