OREANDA-NEWS. Toyota Motor Corp. registered a 23% gain in net profit for the fiscal third quarter from the same period a year earlier, and raised its full-year outlook in anticipation of the benefits of a weakening yen.

Toyota said the weaker yen against the dollar and cost cuts offset a sharp drop in North American profit due to a one-time charge from the settlement of a class action lawsuit, and lower sales in China from political tensions.

For the fiscal year ending March, the Japanese auto maker revised upward its net profit outlook 10.3% to Y860 billion from JPY 780 billion. It also raised its outlook for a parent-only operating profit for the full business year of JPY 150 billion. That is considerably better than a loss of JPY 20 billion previously reckoned, and would be the first black ink in five business years.

Group revenue is now pegged at JPY 21.80 trillion, compared with JPY 21.30 trillion in its prior outlook. It also raised its full business year vehicle sales estimate to 8.85 million vehicles, from 8.75 million in its prior estimate.