Toyota Motor Corp <7203.T> will continue to slash costs in a bid to swing back to an operating profit on a parent-only basis, The Nikkei business daily reported.

Toyota is trying to compete with South Korean and Chinese cars by reducing procurement costs by up to 30 percent, Chief Financial Officer Satoshi Ozawa told Nikkei in an interview.

The company also expects to launch a new line of cars in 2013, Ozawa told the daily. We'll also hike per-car sales prices. If we shift offshore, we can't come back, the Nikkei quoted Ozawa as saying.

To achieve its target of earning 1 trillion yen ($12.38 billion)in operating profit, Toyota needs to break even on a parent-only operating basis, the daily reported.

Last fiscal, Toyota posted a parent-only operating loss of 480.9 billion yen, according to the Nikkei.

Ozawa told the daily that Toyota would be able to create a break-even structure next fiscal year.

(Reporting by Kartick Jagtap in Bangalore; Editing by Prem Udayabhanu)