TOKYO (Reuters) -- Daihatsu Motor Co., the minivehicle arm of Toyota Motor Corp., said Wednesday it was on track to meet its full-year profit forecasts as it announced nine-month results.
Operating profit for April to December was $104 million and net profit was $50.68 million on sales of $6.72 billion. The company, which began reporting quarterly earnings this year, did not provide year-on-year comparisons.
"Sales of minivehicles remodeled during the last term remained firm in Japan and cost cuts progressed as planned," it said in a statement. "(Nine-month results) were in line with our projections towards the full year."
Three months ago, Daihatsu forecast group operating profit would rise 11 percent to $218 million for the year to March 31 and that net profit would fall 5.3 percent to $133 million.
Japan's second-largest maker of minivehicles projected this month a 9 percent rise in its global sales volume to 848,000 units in calendar 2004, helped by brisk overseas demand.
Daihatsu President Takaya Yamada has also said he wanted the company to target vehicle sales of around 1.2 million units by 2010, a 54 percent rise from 2003.