Toyota's quarterly profit triples - driven by recovery from disaster

 

Toyota's quarterly profit tripled, driven by a recovery from natural disasters, and the company raised its full-year earnings forecast despite a sales slump in China.

On Monday, the firm reported a July-September net profit of 257.9 billion yen (£1.99 billion) compared with an 80.4 billion yen (£623 million) profit a year earlier.

Japan's top carmaker raised its profit forecast for the full fiscal year through March 2013 to 780 billion yen (£6.1 billion) from 760 billion yen (£5.9 billion).

It had a profit of 283.5 billion yen (£2.1 billion) profit in the previous fiscal year, when Toyota production was hammered by the disasters in north-eastern Japan and Thailand.

The company's optimism comes despite a sale plunge in China, where a territorial dispute has set off protests and a boycott of Japanese cars.

Quarterly sales improved 18% to 5.4 trillion yen (£42.1 billion), as the demand for Toyota vehicles picked up across all major regions, including North America, Europe, Japan and Asian nations other than China.

Executive vice president Satoshi Ozawa said Toyota had recovered from last year's disaster-related supply shortages and was able to boost profits despite the disadvantage of a strong yen. A strong yen erodes the value of overseas earnings of Japanese exporters such as Toyota.

"We have revised the forecast we announced at the end of the first quarter to reflect the progress we have been making," Mr Ozawa said.

For the fiscal second quarter, Toyota sold 2.2 million vehicles around the world, up from 1.8 million the same period the previous year.

It now expects to sell 8.75 million vehicles for the full fiscal year through to March 31, 2013, up by more than a million vehicles compared to the 7.35 million vehicles sold the previous fiscal year.

But the latest projection is 50,000 vehicles fewer than the 8.8 million vehicles Toyota projected in August.

Although Toyota lost 20 billion yen (£155 million) in operating profit from an unfavourable exchange rate, it gained 160 billion yen (£1.2 billion) through cost-reduction efforts during the latest quarter, it said.

AP

Suggested Topics
PROMOTED VIDEO
News
ebooksNow available in paperback
Latest stories from i100
Have you tried new the Independent Digital Edition apps?
Independent Dating
and  

By clicking 'Search' you
are agreeing to our
Terms of Use.

iJobs Job Widget
iJobs Money & Business

Citifocus Ltd: Newly Qualified Accountants - Risk Mgmt

£Attractive Package: Citifocus Ltd: Prestigious financial institution seeks to...

Citifocus Ltd: Operational Risk Analyst

£Negotiable: Citifocus Ltd: Experienced operational risk professional with ban...

h2 Recruit Ltd: Business Development - Telecommunications - £50,000 OTE

£25000 per annum + £50,000 OTE: h2 Recruit Ltd: London, Reading , Southend, Al...

Recruitment Genius: Call Centre Agent - £22,000 OTE

£18000 - £22000 per annum: Recruitment Genius: As a Call Centre Agent you will...

Day In a Page

Homeless Veterans Christmas Appeal: Drifting and forgotten - turning lives around for ex-soldiers

Homeless Veterans Christmas Appeal: Turning lives around for ex-soldiers

Our partner charities help veterans on the brink – and get them back on their feet
Putin’s far-right ambition: Think-tank reveals how Russian President is wooing – and funding – populist parties across Europe to gain influence in the EU

Putin’s far-right ambition

Think-tank reveals how Russian President is wooing – and funding – populist parties across Europe to gain influence in the EU
Tove Jansson's Moominland: What was the inspiration for Finland's most famous family?

Escape to Moominland

What was the inspiration for Finland's most famous family?
Nightclubbing with Richard Young: The story behind his latest book of celebrity photographs

24-Hour party person

Photographer Richard Young has been snapping celebrities at play for 40 years. As his latest book is released, he reveals that it wasn’t all fun and games
Michelle Obama's school dinners: America’s children have a message for the First Lady

A taste for rebellion

US children have started an online protest against Michelle Obama’s drive for healthy school meals by posting photos of their lunches
Colouring books for adults: How the French are going crazy for Crayolas

Colouring books for adults

How the French are going crazy for Crayolas
Jack Thorne's play 'Hope': What would you do as a local politician faced with an impossible choice of cuts?

What would you do as a local politician faced with an impossible choice of cuts?

Playwright Jack Thorne's latest work 'Hope' poses the question to audiences
Ed Harcourt on Romeo Beckham and life as a court composer at Burberry

Call me Ed Mozart

Paloma Faith, Lana del Ray... Romeo Beckham. Ed Harcourt has proved that he can write for them all. But it took a personal crisis to turn him from indie star to writer-for-hire
10 best stocking fillers for foodies

Festive treats: 10 best stocking fillers for foodies

From boozy milk to wasabi, give the food-lover in your life some extra-special, unusual treats to wake up to on Christmas morning
Phil Hughes head injury: He had one weakness – it has come back to haunt him

Phil Hughes had one weakness – it has come back to haunt him

Prolific opener had world at his feet until Harmison and Flintoff bounced him
'I have an age of attraction that starts as low as four': How do you deal with a paedophile who has never committed a crime?

'I am a paedophile'

Is our approach to sex offenders helping to create more victims?
How bad do you have to be to lose a Home Office contract?

How bad do you have to be to lose a Home Office contract?

Serco given Yarl’s Wood immigration contract despite ‘vast failings’
Green Party on the march in Bristol: From a lost deposit to victory

From a lost deposit to victory

Green Party on the march in Bristol
Putting the grot right into Santa's grotto

Winter blunderlands

Putting the grot into grotto
'It just came to us, why not do it naked?' London's first nude free runner captured in breathtaking images across capital

'It just came to us, why not do it naked?'

London's first nude free runner captured in breathtaking images across capital