Japanese machine maker Toyota Industries Corp. on April 27 projected a decline in earnings in fiscal 2019 following a profit increase in fiscal 2018 that was driven by higher sales, cost reductions and the impact of exchange rate fluctuations.
Profit attributable to owners of the parent jumped to ¥168.18 billion in the fiscal year that ended March 31, from ¥131.40 billion in fiscal 2017. Basic earnings per share increased to ¥541.67 from ¥420.78.
Operating profit for fiscal 2018 was ¥147.45 billion, up from ¥127.35 billion a year earlier. Profit before income taxes climbed to ¥209.83 billion from ¥181.99 billion.
Full fiscal year net sales rose to ¥2.004 trillion from ¥1.675 trillion in 2017, with the automobile business segment generating net sales of ¥595.02 billion. The materials handling equipment segment posted net sales of ¥1.283 trillion, and the textile machinery segment reported net sales of ¥65.52 billion.
For fiscal 2019, the company expects profit attributable to owners of the parent to fall 13.2% to ¥146 billion, with basic earnings of ¥470.23 per share.
Operating profit is projected to drop 8.4% to ¥135 billion in fiscal 2019, and profit before income taxes is forecast to decline 9.9% to ¥189 billion.
Net sales are predicted to increase 7.3% to ¥2.150 trillion.
As of April 30, US$1 was equivalent to ¥109.38.
