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Yahoo! My Yahoo! Mail More Yahoo! Services Account Options New User? Sign Up Sign In Help Yahoo! Search web search Home Singapore Asia Pacific World Business Entertainment Sports Technology Australia China India Indonesia Japan Malaysia Philippines Thailand Vietnam Toyota posts quarterly profit, raises forecast AFP - Thursday, August 5 Send IM Story Print TOKYO (AFP) - – Toyota on Wednesday posted a 2.2 billion dollar quarterly profit and upped its forecast for the year despite its recall woes, betting on robust Asian demand to drive its rebound from the financial crisis. The world's largest automaker raised its annual net profit forecast to 340 billion yen (3.9 billion dollars) from 310 billion forecast in May, despite recent worries over the global economy and the safe-haven yen's strength. Toyota reported a net profit of 190.47 billion yen for the quarter ended June, turning around a loss of 77.8 billion yen in the same period a year earlier and beating forecasts. The automaker's strong results come despite it having pulled around 10 million vehicles worldwide, as it faces a host of lawsuits over "unintended acceleration" issues blamed for more than 80 deaths in the United States. While the worst has passed for Toyota, "some challenges lie ahead," said auto analyst Tatsuya Mizuno. "There are likely to be some more recalls from time to time and their level of profitability is lower than before." Despite its recall crisis, Toyota saw sales in North America increase 36 percent in the quarter ended June compared to the same period a year ago. Sales in Japan increased 23 percent on-year, buoyed by government consumer incentives to buy environmentally friendly vehicles. "Thanks to the extension of subsidies for purchases of environmentally friendly cars, sales largely exceeded those of the previous year," said Senior Managing Director Takahiko Ijichi. However, sales in Europe slowed 12 percent as the eurozone debt crisis helped erode consumer sentiment. Fears for the global economy have seen the safe-haven yen appreciate strongly against other major currencies, which if sustained could erode repatriated profits for automakers and other Japanese exporters. In upwardly revising its annual profit forecast, the auto giant said it had assumed average exchange rates through the fiscal year of 90 yen to the dollar and 112 yen to the euro. It said it aimed to be profitable even at an 85 yen-to-the-dollar level, where the greenback is currently trading at an eight-month low on worries about the durability of the US recovery. "In the long run, we believe we should build cars in places where we sell them, Ijichi said. He warned that the expiry of consumer incentive programmes in Japan may pose a risk later in the year, causing a "possible backlash in demand". Despite Toyota returning to the black from the losses of the financial crisis, "a further rise of the yen would eat into profits in the future," said Mamoru Kato, auto analyst at Tokai Tokyo Research Centre. The recall crisis "has dealt a big blow and its impact is still lingering," he said. "Toyota used to post profit that stands out from rivals." In comparison, rival Honda last week posted net profit of 272.49 billion yen for the first quarter, soaring from 7.56 billion yen from the same period in 2009 as it also raised its annual profit forecast. Ijichi declined to assess the financial impacts of the recall crisis, only saying that the company was working hard to regain public trust. Toyota overtook General Motors in 2008 as the world's top automaker, but safety issues have raised questions about whether it sacrificed its legendary quality to become number one. As recently as last month Toyota announced the recall of 270,000 vehicles worldwide because of an engine fault affecting its luxury Lexus range and Crown models and 373,000 Avalon sedans in the US due to a steering issue that could increase the risk of a crash. Operating income increased from a loss of 194.9 billion yen to a gain of 211.6 billion yen, as the automaker cited increases in vehicle sales and "a large decrease" in costs related to loan losses. Shares in Toyota closed 1.59 percent lower in Tokyo trade Wednesday ahead of the earnings announcement. 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