TOKYO: Toyota last week said its full-year net profit more than tripled to $9.7 billion, with a weak yen and cost-cutting measures helping inflate the bottom line for the world’s biggest carmaker.
The Japanese giant also said it was on track for another soaring profit in the current fiscal year, underscoring the recovery among the nation’s major carmakers after the 2011 quake-tsunami disaster devastated sales and production, and highlighting strong demand in key Asian and US markets.
Toyota’s sales in the world’s biggest vehicle market China—which have been dented in the wake of a territorial dispute between Tokyo and Beijing—were recovering, it added. The yen, which has lost about one-fifth of its value on the dollar since November, has helped boost Japanese firms’ competitiveness overseas and jacked up the value of their repatriated foreign income.
Toyota cited the currency among the factors for its profit jump, after domestic rival Honda said its net profit for the year to March soared 73.6 percent thanks to robust overseas sales, a weaker yen and cost cutting.
Toyota last week said it booked a net profit of $9.7 billion in the fiscal year to March, up from $2.79 billion a year earlier.
Toyota President Akio Toyoda last week said future growth would be “driven by the recovery of the US market and the development of emerging markets.”
Toyota’s global vehicle sales hit 8.87 million units in the year to March, despite nearly flat results from recession-riddled Europe, with sales expected to rise to 9.1 million units this fiscal year, it said.