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Toyota Tsusho Shares Rise After Company Raises Guidance

By Justina Lee

 

Toyota Tsusho Corp. shares rose Monday morning after the company raised its full-year net profit forecast following stronger first-half earnings.

Shares of Toyota Motor Corp.'s trading arm gained as much as 9.2% to 4,965 yen in early trade, and were recently 7.2% higher.

Toyota Tsusho reported a 19% rise in first-half net profit to 151.28 billion yen ($1.03 billion) from Y127.57 billion a year earlier.

Revenue climbed 31% to Y4.908 trillion, supported by volume growth in automotive sales, higher metal market prices, and rising electricity prices in Europe.

The company raised its full-year net profit guidance to Y270.00 billion from Y210.00 billion. It is seeking to further expand its renewable-energy and conversational AI products businesses.

 

Write to Justina Lee at justina.lee@wsj.com

 

(END) Dow Jones Newswires

October 30, 2022 22:16 ET (02:16 GMT)

Copyright (c) 2022 Dow Jones & Company, Inc.

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