Japanese auto giant Toyota kept its annual net profit forecast unchanged on Wednesday, despite logging a 26 percent drop for the first half of this financial year.
The world’s top-selling automaker said unit sales were hit by production cuts in its home market, related to a failure to fully comply with vehicle inspection standards.
In April to September, Toyota reported net profit of 1.9 trillion yen ($12.4 billion), down from 2.6 trillion in the same period a year ago.
Although its second-quarter earnings were far lower than analyst expectations, the company still forecasts full-year net profit of 3.57 trillion yen.
“We will strive to maintain and strengthen our earning power,” it said in a statement.
Chief Financial Officer Yoichi Miyazaki said a boost to global production would help the company catch up.
“Our Indiana plant in the United States, which had been partially shut down, resumed operations last month and …