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Posted by Sheryll Alexander Aug 5, 2006 |
From Agence France-Presse English Wire:
Toyota Motor Corp announced Friday a 39.2 percent jump in net profit for the fiscal first quarter to a new record high as it won customers from struggling US rivals.
The world's second largest automaker said its net profit reached 371.5 billion yen (3.23 billion dollars) in the three months to June from a year earlier.
"We posted substantial increases in both revenue and profits, achieving record levels," said Toyota Motor senior managing director Takeshi Suzuki.
Operating profit increased by 26.5 percent to 512.4 billion yen, on revenue of 5.64 trillion yen, up 13.2 percent year-on-year.
The profit surge was driven by a strong performance in North America where sales rose by 106,000 units to 747,000.
Toyota, which is on track to overtake ailing US giant General Motors Corp as the world number one in terms of output, has been spending heavily to boost production as high fuel costs drive up sales of its energy-efficient vehicles.
Toyota's July sales overtook rival Ford's for the first time.
In the first quarter, however, some of its best-selling models in North America included the redesigned RAV4 sports utility vehicle and the new FJ Cruiser off-road vehicle.
Toyota's total vehicle sales in the first quarter increased by 143,000 units from a year earlier to 2.09 million, while conditions remained tough in the Japanese market where sales were down 7,000 units to 543,000.
A weak yen and cost reduction efforts also contributed to the profit growth, helping to counterbalance major spending on new plants and technology, Japan's largest company said.
For the full-year to March 2007, however, Toyota maintained its forecasts for a drop in net profit to 1.31 trillion yen as the group invests heavily in developing new technology and expands its global production facilities.
Still, the Japanese firm expects a rise in sales to 22.3 trillion yen and in operating profit to 1.9 trillion yen for the current fiscal year.