Tokyo — On Tuesday, Japanese car giant Toyota reported a rise in first-half net profit and raised its forecast for the whole year, citing a cheaper yen and cost-cutting efforts. Japan’s number-one car maker said its net profit rose 13.2% to ¥1.07-trillion ($9.4bn) for the six months to September on sales of ¥14.2-trillion, up 8.6%. The Prius maker now expects to bank a net profit of ¥1.95-trillion for the fiscal year to March 2018, up from an earlier estimate of ¥1.75-trillion. During the previous fiscal year, Toyota suffered its first drop in annual profit for five years, which it blamed on the cost of customer incentives in the key US market. Toyota said operating profit from its domestic and European markets showed moderate gains for the first half, but operating profit from North America fell by more than half due to a decline in sales and swelling incentives. "Toyota has benefited from a weak yen, but growing incentives in North America have pressured its profit," said Satoru T...
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