Toyota raises annual forecasts on profit rise

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Toyota Motor Corp. raised its fiscal year profit forecast Tuesday to triple what it eked out for the disaster-struck previous year, as the world's top automaker continued on a comeback roll as sales surged, especially in the U.S.

Toyota's October-December profit jumped 23 percent to $1.09 billion, compared to the same period the previous year. Quarterly sales edged up 9 percent to $58 billion.

Underlining its solid recovery, Toyota is now expecting fiscal year profit of $9.3 billion. It had initially expected a 780 billion yen $8.5 billion profit.

Toyota also raised its sales forecast for the fiscal year through March, to $237 billion, up 17 percent from the previous fiscal year.

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