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The world’s number one carmaker credited a sales boost in debt-struck Europe as well as the United States and Asia for the rise, and a weaker yen.
Toyota did not break out its latest figures for China, the world’s biggest vehicle market, where a diplomatic row between Tokyo and Beijing sparked a consumer boycott of Japanese goods. But senior managing officer Takahiko Ijichi said September and October China sales tumbled by about half, although he added that: “By December, (sales) recovered to a 20 percent decline from a year earlier.”
Toyota previously said it expects to sell
200 000 fewer vehicles in China in the second half of its fiscal year to March and take a US$325 million hit to its bottom line. It sold 900 000 vehicles in China in 2011.
On Tuesday, Toyota said it earned 648,2 billion yen from April to December, up from 162,5 billion yen a year earlier, when carmakers were pounded by the twin natural disasters, which devastated Japan’s northeast coast.
The carmaker pointed to a weakening yen and cost-cutting for its improved results and upgraded forecast, with operating income soaring to 818,5 billion yen from 117,1 billion yen a year earlier.
The boost “reflects our increased vehicle sales and the progress we are making with our profit-improvement activities”, Ijichi said.
Sales in the period jumped 26 percent to 16,2 trillion yen, it said.
The firm hiked its net profit forecast for the fiscal year through March to 860 billion yen from an earlier estimate of 780 billion yen, on projected revenue of 21,8 trillion yen.
Global vehicle sales in the year were on track to hit 8,85 million units, up from an earlier forecast of 8,75 million units, the carmaker said, citing stronger demand in the North American market.
Toyota’s results for the three months to December saw net profit rise by nearly one-quarter although the figure fell short of some analysts’ expectations. Vehicle sales in Europe and Japan slipped in the quarter. – AFP.
Online Reporter