Toyota Motor Corporation on Tuesday (6 February) reported net income up 7.3% to a record 426.7bn yen for the fiscal third quarter ended 31 December, 2006.
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Operating income increased 19.2% to 574.7bn yen, while income before income taxes, minority interest and equity in earnings of affiliated companies was 615.9bn yen.
Consolidated net revenues for the period totaled 6.15 trillion yen, an increase of 15.2% year on year.
Positive contributions to operating income totalled 170.0bn yen (120.0bn yen from “marketing efforts”, 30.0bn yen from the exchange rate effects and 20.0bn yen from cost cuts, Toyota said in a statement. Negative factors totaled 77.5bn yen, including an increase in R&D expenses of 21.6bn yen.
TMC senior managing director Takeshi Suzuki said: “Toyota posted record results in net revenues, operating income and net income. We believe our company wide efforts have contributed to these results.”
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By GlobalDataConsolidated vehicle sales for the period reached 2.155m, an increase of 175,000 year on year.
In Japan, vehicle sales fell 30,000 to 541,000 units but market share excluding mini-vehicles grew 1.3% to 47.5%. Operating income from Japanese operations increased by 102.4bn yen to 383.5bn yen, mainly due to an increase in production volume and exports.
In North America, vehicle sales reached 764,000, up 121,000, due to strong sales of redesigned and new models. But operating income fell 28.7bn yen to 99.1bn yen due mainly due to one-off expenses such as the costs associated with the start up of the new Tundra truck plant in Texas.
In Europe, vehicle sales increased 60,000 to 306,000 units and operating income also rose, by 8.2bn yen, to 34.8bn yen. The increase in operating income was mainly due to increases in both production volume and vehicle units sold, Toyota said.
In Asia, sales were off 13,000 to 204,000 units due to weak market conditions in Indonesia and Taiwan. Operating income fell 10.5bn yen to 28.1bn yen as a result of decreases in both production and sales volume.
In other regions, including Central and South America, Oceania and Africa, vehicle sales increased to 340,000 units, an increase of 37,000, due to continuing popularity of the IMV series in central and south America and the Camry in Oceania. Operating income in these regions increased 16.3bn yen to 31.0bn yen.
TMC estimated that vehicle sales for the fiscal year ending 31 March would be 8.470m units, unchanged from its November 2006 forecast.
Revenue and earnings forecasts for the fiscal year also were unchanged, at consolidated net revenues of 23.2 trillion yen, operating income of 2.20 trillion yen and net income of 1.55 trillion yen.
Foreign exchange rate assumptions for the full year are now 116 yen against the greenback and 147 against the euro, based on actual rates in the first three quarters.
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