Toyota Motor Corporation (TMC) net income climbed 28.8% to 286.6 billion yen for the first quarter ended June 30, 2004, compared to 222.5 billion yen in the first quarter of last fiscal year.

On a consolidated basis, net revenues for the first quarter totaled 4.51 trillion yen, an increase of 10.2%. Operating income increased 31.6% to 448.6 billion yen, while income before income taxes, minority interest and equity earnings of affiliated companies were 470.4 billion yen.

Positive contributions to operating income of 210.0 billion yen, from operational efforts and cost reduction efforts, offset the negative effects of 102.1 billion yen from unfavourable foreign exchanges rate and increased expenses.

In Japan, despite sluggish market conditions, the market share of Toyota brand vehicles (excluding minivehicles) rose to 46.1%, which is the highest ever for quarterly results. This was due largely to the introduction of new models such as the Prius and Sienta while the redesigned Crown is also performing well.

Sales in North America reached 572,000, an increase of 63,000 vehicles due to strong popularity of the Sienna minivan. In Europe, sales increased by 13,000 vehicles to 247,000.

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Sales in other regions including Asia, Africa, and Latin America reached 434,000, an increase of 126,000 vehicles. In Asia, sales increased 80,000, or 65.1%.

TMC estimates that consolidated vehicle sales for the fiscal year ending March 31, 2005 will be 7.2 million vehicles, an increase of 18,000 from the forecast announced in May 2004. Profits are expected to be unchanged compared with fiscal year 2004.