Toyota has announced financial results for the nine-month period ended December 31 that show a big boost from higher volumes in North America and Japan, as well as the benefits from a softer currency.
In the nine-month period ended December 31, Toyota’s net income increased by almost 300% from 162.5bn yen to 648.1bn yen.
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The yen exchange rate is now at around 92 to the dollar versus 78 in October last year, a weakening that is benefiting many Japanese companies on their bottom lines after a prolonged period of yen strength.
Toyota’s consolidated vehicle sales for the nine months totaled 6.629 million units, an increase of 1.634 million units compared to the same period the previous year.
Toyota revised its consolidated vehicles sales forecast for fiscal year 2013 from 8.750 million units to 8.850 million units, an increase of 100,000 units from the previous forecast announced in November 2012, due to the increased overseas vehicle sales, mostly in North America.
The company also upwardly revised its consolidated financial forecasts for fiscal year 2013 to consolidated net revenue of 21.8 trillion yen, operating income of 1.15 trillion yen, income before income taxes of 1.29 trillion yen and net income of 860.0 billion yen.
Commenting on the forecasts for fiscal year 2013, TMC Senior Managing Officer Takahiko IjichiIjichi said: “Given increased overseas vehicle sales mostly in North America, progress in our company wide profit improvement activities and the slight weakening of the yen, we have revised upwardly our consolidated forecast for the current fiscal year to 1.15 trillion yen and also forecast a full-year profit on an unconsolidated basis, our first in five years. We believe that our efforts have been bearing fruit and that we are finally on the road to sustainable growth. We will continue our efforts to build ever-better cars and to move forward in a steadfast manner.”
