TOY­OTA Q1 NET PROFIT JUMPS TO 613B YEN

Ve­hi­cle sales hit 2.59m units on stronger de­mand in Ja­pan, North Amer­ica, Europe

New Straits Times - - Business -

TOKYO

OYOTA Mo­tor Corp said yes­ter­day its fis­cal first quar­ter net profit jumped 11 per cent with ve­hi­cle sales up in Ja­pan and the United States, while it also lifted its an­nual earn­ings fore­cast.

The Corolla and Prius hy­brid maker posted a net profit of 613 bil­lion yen (RM23.96 bil­lion) in the three months to June as rev­enue rose 7.0 per cent to 7.05 tril­lion yen.

Quar­terly op­er­at­ing profit, how­ever, fell nearly 11 per cent to 574.3 bil­lion yen, partly due to cur­rency fluc­tu­a­tions, it said.

Toy­ota, which lost its crown as the world’s top-sell­ing car­maker last year, now ex­pects profit for the year to March next year to come in at 1.75 tril­lion yen, up from an ear­lier 1.5 tril­lion yen fore­cast, as it fore­cast a down­turn in the yen.

Ve­hi­cle sales were 2.59 mil­lion units in the quar­ter, slightly up from 2.52 mil­lion units a year ago.

De­mand rose in North Amer­ica, Europe, Cen­tral and South Amer­ica, Africa and the Mid­dle East. Sales also rose in Toy­ota’s home mar­ket, Ja­pan, but they fell in the rest of Asia.

The car gi­ant last year suf­fered its first drop in an­nual profit in five years, as it pointed to the cost of cus­tomer in­cen­tives in the key US mar­ket.

Quar­terly op­er­at­ing profit in the North Amer­i­can mar­ket tum­bled by nearly half from a year ago due to mar­ket­ing costs, which can in­clude low-in­ter­est fi­nanc­ing, cash-back re­bates and other perks. AFP

EPA PIC

Toy­ota, which lost its crown as the world’s top-sell­ing car­maker last year, now ex­pects profit for the year to March next year to come in at 1.75 tril­lion yen.

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