Toyota Motor Corp. said Tuesday its net profit in the six months ended September fell 23.2 percent to 1.17 trillion yen ($7.9 billion) from a year earlier, as soaring material costs squeezed its bottom line.
Operating profit dropped 34.7 percent to 1.14 trillion yen in the April-September period on sales of 17.7 trillion yen, up 14.4 percent.
For the current fiscal year ending March, the automaker left its net profit forecast unchanged at 2.36 trillion yen. The company raised its sales outlook to 36 trillion yen from 34.5 trillion yen.
The company cut its full-year production plan to 9.2 million vehicles from the previous 9.7 million, citing a semiconductor shortage.
The automaker now expects the U.S. dollar to trade at 135 yen over the full year, compared with its previous estimate of 130 yen, taking into account the recent drop in the Japanese currency.
