Toyota posts record profit, but wary on outlook

Toyota posted record quarterly earnings on Wednesday (August 4).

The world's biggest automaker saw operating profits hit $9.15 billion.

That was ahead of analyst forecasts.

The rebound came as sales recovered to almost pre-crisis levels.

Favourable foreign-exchange movements also helped.

But Toyota held off on raising its outlook for the year.

Rising prices for raw materials are one reason.

The global chip shortage is also a drag.

Though Toyota has enjoyed some protection thanks to business continuity plans developed after the giant Fukushima earthquake in 2011.

They require suppliers to stockpile up to six months' supply of chips.

The health crisis also remains a worry.

Last month Toyota had to suspend output at three plants in Thailand as crisis-related disruption caused parts to run short.

Shares in the firm closed lower on the day, with some investors disappointed by its cautious outlook.

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