Toyota full-year profit roars ahead

PUBLISHED : Wednesday, 08 May, 2013, 2:37pm
UPDATED : Friday, 08 May, 2015, 4:41pm

Toyota Motor on Wednesday said its full-year net profit more than tripled to 962.1 billion yen (HK$75.3 billion), with the world’s largest automaker also saying it was on track for another soaring profit in the current fiscal year.

That compares with 283.5 billion yen (HK$22.2 billion) a year earlier, on sales of 22.0 trillion yen (HK$1.7 trillion), an increase of 18.7 per cent on-year.

Toyota added that it expected to earn a net profit of 1.37 trillion yen for the fiscal year ending March next year, underscoring a recovery among the nation’s major automakers after Japan’s quake-tsunami disaster in 2011 devastated sales and production, and highlighted strong demand in the key Asian and US markets.

The automaker also credited its rosy results to factors including cost-cutting and the declining value of the yen which helps makes major exporters such as Toyota more competitive overseas.

It also boosts the value of repatriated foreign income, inflating firms’ bottom line.

“We experienced increased sales of our vehicles mainly in North America and Asia,” Toyota President Akio Toyoda said, also pointing to “company-wide profit improvement activities”.

Worldwide vehicle sales hit 8.87 million units in the year to March, Toyota said.