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Toyota Tsusho: 9-month net profit jumps 81.2% YOY to ¥63.52B

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Toyota Tsusho: 9-month net profit jumps 81.2% YOY to ¥63.52B

Toyota Tsusho Corp.'s net profit attributable to owners of the parent for the nine months ended Dec. 31, 2016, jumped 81.2% year over year to ¥63.52 billion, or ¥180.52 per share, the company said Feb. 2.

Consolidated net sales for the period dipped 7.2% year over year to ¥5.810 trillion, mainly due to yen appreciation.

The group's operating income rose 0.9% on a yearly basis to ¥105.6 billion on the back of a decline in selling, general and administrative costs.

Net sales for Toyota Tsusho's metals segment totaled ¥1.254 trillion, a 10% decrease year over year, which the company attributed to lower market prices.

Operating income for the metals segment, however, rose from ¥29.64 billion to ¥30.49 billion year over year on the back of an increase in automobile production, which offset the effects of the lower market prices.

For the fiscal year ending March 31, the company increased its forecast for net income attributable to shareholders by 21.4% to ¥85 billion.

The company expects consolidated net sales of ¥8 trillion, up 9.6% from its previous forecast. Full-year operating income is expected to total ¥145.0 billion, an increase of 11.5% over the earlier guidance.

Toyota Tsusho also increased its annual dividend guidance to ¥70 per share for fiscal 2017, up from ¥62 forecast earlier.

As of Feb. 1, US$1 was equivalent to ¥113.46.