"Toyota said Friday net profit soared 93.6% to a record 562.19 billion yen for the three months to June, and said it was on track to produce over 10 million vehicles worldwide this year.
The world’s biggest automaker has ramped up its bid to tap emerging markets while key U.S. demand has also been on the upswing, helping Toyota to book ever-increasing profits over the last year.
The Camry and Corolla maker tripled its net profit in the past fiscal year with a slump in the yen helping Japanese manufacturers’ bottom line.
On Friday, Toyota said it also saw its European market decline in the quarter as Asian sales slipped.
But North America helped make up the shortfall along with strong demand in emerging markets in Central and South America as well as Africa, it added.
Toyota said it earned 562.19 billion yen in the quarter on sales of 6.25 trillion yen, which were up 13.7% from a year earlier.
Profit “increased due to the impact of foreign exchange rates and our global efforts for profit improvement, through cost reduction activities,” Managing Officer Takuo Sasaki said in a statement.
Looking forward, Toyota said it expected to pump out a record 10.12 million vehicles this calendar year, after it overtook General Motors in 2012 to regain the title of world’s biggest automaker"
Source: JapanToday
