TOKYO: Toyota said Wednesday that net profit soared 50 percent in the third quarter and upgraded its full-year forecasts as the global auto industry gradually recovers from the coronavirus pandemic.

The world’s top carmaker said it made 838.7 billion yen ($8.0 billion) in the three months to December, compared with 559.3 billion yen a year earlier, and revised up full-year forecasts for the second straight quarter.

Net profit was at 1.90 trillion yen for the fiscal year to March, compared with its earlier estimate of 1.42 trillion yen.

Sales are now seen at 26.5 trillion yen, compared with the 26.0 trillion yen previously forecast.

The firm last year overtook Volkswagen as the world’s top carmaker for the first time in five years.

The pandemic has taken a heavy toll on the global auto sector but demand recovered swiftly in the second half of last year, most notably in the US and China.

Toyota said the shortage was not causing output reductions, and sales for the third quarter increased in Japan, North America and Europe, Toyota said.

It upgraded its global sales forecast to 9.73 million units for the fiscal year.

Toyota reclaimed the title of world top-selling automaker last year, selling 9.53 million vehicles around the world, overtaking the 9.3 million sold by German rival Volkswagen. Toyota said it had benefited from a jump in sales in China, which were up over 10 percent year-on-year, and a better-than-expected performance globally in the October-December quarter.—AFP