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TOKYO – The net profit of Toyota Motor Corp. increased 28% in the last quarter, driven by sales growth in Europe, Asia and the Americas, and raised its earnings guidance for the year.
The Japanese automaker said on Tuesday that its profits for the period from July to September stood at 585.1 billion yen ($ 5.2 billion), up 458.3 billion yen. 'last year. Quarterly sales increased 2 percent to 7.31 trillion yen ($ 64.7 billion).
The builder of the Camry sedan, the Prius Hybrid and the Corolla subcompact forecasted a profit of 2.3 trillion yen ($ 20 billion) for the fiscal year up to March. This exceeds the previous forecast of 2.1 billion yen ($ 19 billion), but represents a decline of almost 8% over the net profit of nearly 2,500 billion yen recorded during the fiscal year previous.
2.175 million vehicles in the same period a year ago
Vehicle sales decreased in the United States and Japan, but improved in Europe, the rest of Asia and America central and southern. The company has maintained its forecast for the entire year, or 8.9 million vehicles worldwide, until March 2019.
Cost Reductions and Marketing Efforts have allowed the results of the last quarter to benefit from an unfavorable exchange rate, according to Toyota. [19659002] "We are making steady progress toward our goal," said Masayoshi Shirayanagi, senior executive, in a statement on cost-cutting efforts.
Toyota is often considered an icon of Japanese-style manufacturing. He has increasingly turned to advanced technologies, such as artificial intelligence, autonomous driving, ridesharing services, and other new applications, to keep pace with industry developments.
For the first half of its fiscal year, Toyota's sales reached a record 14.67 billion yen ($ 130 billion), up 3 percent from the previous month. last year.
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