TOKYO -- Japan's Daihatsu Motor Co. Ltd., the minivehicle unit of Toyota Motor Corp., raised its earnings forecasts on Monday, citing rosy first-quarter profits and brisk minivehicle sales at home.
For the half-year to September 30, Japan's second-biggest minivehicle maker expects a net profit of 9.5 billion yen ($86.24 million) instead of 6 billion yen. That would represent a 150 percent jump from the 3.78 billion yen booked a year earlier.
"On top of a good performance in first-quarter earnings, we expect healthy domestic sales of minivehicles to continue through the six-month period," Daihatsu said in a statement.
Recurring profit is now projected at 14.5 billion yen instead of 10 billion yen, while sales are seen at 540 billion yen, revised from 520 billion yen.
For the April-June quarter, Daihatsu posted a more than three-fold jump in net profit to 5.01 billion yen and a 111 percent surge in operating profit to 8.42 billion yen as sales grew by 12 percent to 267.05 billion yen.
Last week, Toyota said it expected Daihatsu's domestic sales to total 58,000 vehicles this calendar year, 20,000 more than initially forecast.
For the full year to March 31, Daihatsu now expects a net profit of 21 billion yen instead of the 17.5 billion yen forecast in April.