Toyota Motor Corporation (TMC) said on Wednesday that net profit for its fiscal third quarter ended December 31, 2002 almost doubled to 216 billion yen from 111.4 billion yen in Q3, 2001.
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On a consolidated basis, net sales for the quarter totaled 4.18 trillion yen, an increase of 13.2 percent compared to the same period last year. Operating income increased 23.3 percent to 379.4 billion yen.
in a statement, TMC also said that results for the nine months ended December 31 “show marked increases in sales and profits compared to the same period of the previous year” but did not provide figures.
TMC executive vice president Ryuji Araki said, “We are pleased to report that during the third quarter, Toyota’s vehicle sales increased in each of our operating regions around the world. Our success is the result of our ongoing efforts to introduce new products and reinforce our global sales network.”
In Japan, TMC’s third quarter market share (excluding minivehicles) was 43.6%, up 0.6%. Consolidated sales were 545,000 units, an increase of 39,000 units compared to the same period last year.
Well-received product launches, along with successful marketing promotions in the latter half of the year, mainly contributed to this result, TMC said.
Overseas sales increased 20.6% in the third quarter, to 1.03 million vehicles.
Toyota’s vehicle sales in North America continued to be strong, with a claimed increase in sales of 72,000 units over the same period last year.
In Europe, sales increased by 15,000 vehicles year-over-year, helped mainly by sales of UK- and Turkish-built Corolla models, to about 170,000 vehicles.
Total sales, including Japan and overseas, were almost 1.58 million vehicles in the third quarter, an increase of 216,000 or 15.9% compared to the same period last year.
Araki added, “We have enjoyed favourable profit conditions by operating at full production capacity in each of our operating regions and holding selling expenses in check. As a result, we expect to meet our forecast and surpass last year’s results.”
A New York Times website report, meanwhile, said Toyota, which holds more than 10% of the United States market, expects sales in America this year to decline only marginally, despite growing fears of an industry-wide slowdown over a war in Iraq or strikes by the United Auto Workers labour union.
“There are many ifs,” Toyota board member Shin Kanada told the paper. “But we can safely say the impact on our sales should be minor.”
The New York Times said past experience may bear out Kanada because, during the Persian Gulf War a decade ago, car sales in the United States fell more than 20% yet sales for Japanese car makers were relatively stable as consumers sought more fuel-efficient cars.
Toyota and other Japanese carmakers may also benefit if labour talks slow production at General Motors, Ford and Daimler-Chrysler, the newspaper added.
The New York Times said the potential strife in America, where Toyota earns an estimated three-quarters of its profits, has put the focus back on the Japanese market, which is far less profitable but Toyota’s share of the domestic market did, however, grow more than half a percent to 43.6% in the last quarter of the year as sales jumped 7.8%.
