Toyota posts earnings jump, hikes profit forecast

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Toyota has hiked its full-year net profit by 13 percent, citing a weaker yen that makes its exports more profitable, the Japanese automaker said on Wednesday.

Toyota now expects net profit for the full year ending March 31, 2014 to come in at 1.67 trillion yen ($16.95 billion), up from a previous forecast of 1.48 trillion yen.

The forecast came as the company reported a first-half net profit of 1 trillion yen, up 82.5 percent from the year ago period.

Shares of Toyota rose 0.5 percent ahead of the earnings which came after the market close, on expectations that it would raise its guidance.

The automaker notched the biggest sales in the January-September period worldwide, beating General Motors and Volkswagen.