Toyota saw its net profit almost double to JPY1.88 trillion (US$17.8bn) in the financial year to 31 March, boosted by the weakness of the yen which has fallen by almost 18% against the dollar since the start of last year.
The yen’s weakness boosted profits by nearly JPY900bn in the financial year to 31 March, the company said. But the profit was slightly lower than its February forecast of JPY1.9 trillion.
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Operating profit in the year jumped 74% to a record JPY2.29 trillion and the highest figure since before the start of the financial crisis in 2008.
The company is predicting another record breaking year for the 12 months to March 2015 with an operating profit of JPY 2.3 trillion and revenues of JPY25.7 trillion, though it predicted a 2.4% fall in net profit for the period.
Toyota president Akio Toyoda told the company’s annual results conference that the improved performance came on the back of increased vehicle sales, mainly in Japan and North America, and group wide cost reduction activities.
Vehicle sales were 9,116,033 units, an increase of 245,369 units compared to the previous financial year.
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By GlobalDataIn Japan, vehicle sales totalled 2,365,410 units, an increase of 86,614 units. Operating income from Japanese operations increased by JYP933.8bn to JPY1.51 trillion.
In North America, vehicle sales totalled 2,529,398 units, an increase of 60,594 units. Operating income increased by JPY104.1bn to JPY326bn, including a loss of JPY15.5bn due to valuation gains/losses from interest rate swaps.
In Europe, vehicle sales totalled 844,003 units, an increase of 44,918 units, while operating income increased by JPY31.7bn to JPY58.2bn.
In Asia, vehicle sales totalled 1,608,355 units, a decrease of 75,223 units, while operating income increased by JPY19.6bn to JPY395.7bn.
In other regions, which including Central and South America, Oceania, Africa and the Middle East), vehicle sales totalled 1,768,867 units, an increase of 128,466 units, while operating income decreased by JPY91.1bn to JPY42.5bn.
