Toyota Motor Corporation today announced that net income for its first fiscal quarter ended June 30, 2002 was 117% up at 352.3 billion yen compared to 162.3 billion yen in the first quarter of last year.

However, during the quarter Toyota recorded a one-time gain of 187.7 billion yen resulting from the transfer of a portion of the company's pension obligations to the Japanese government.

On a consolidated basis, net sales for the quarter totaled 4.0 trillion yen, an increase of 20.1% compared to the same period last year. Operating income increased 35.4% to 394.5 billion yen.

"In an effort to make more timely disclosures of operating performance, we are pleased to deliver our first-ever quarterly results announcement," said TMC executive vice president Ryuji Araki.

"Despite an increasingly competitive global market, Toyota achieved significant growth in both sales and income, due largely to successful product introductions, cost reduction efforts and the effect of favourable exchange rates.

"In addition, we continued to make great strides in our efforts to achieve profitability in each of our operating regions around the world."

In Japan, TMC's first quarter market share (excluding minivehicles) was 42.8% on sales of 494,000 vehicles, a decrease of 44,000 vehicles compared to the same period last year.

Well-received product launches, including the ist compact and Alphard minivan, helped offset the effects of a sluggish economy.

Overseas sales increased 27.6% in the first quarter, to 1.0 million vehicles.
Much of the increase was due to growth in the North American market, fueled by the popularity of the all-new Canadian-built Matrix and the redesigned Camry and Corolla, as well as a strong lineup of light trucks and SUVs, including the Tundra.

In Europe, sales increased by 27,000 vehicles year-on-year, helped by sales of the RAV4 and the new Corolla, to reach 210,000 vehicles.

Total sales, including Japan and overseas, reached 1.5 million vehicles in the first quarter, an increase of 174,000 vehicles, or 13.1%, compared to the same period last year.

"By staying focused on the needs of our customers around the world, we hope to surpass last year's operating results while achieving our consolidated sales target of six million vehicles," said Araki.

"At the same time, we will continue to invest in our future by increasing local production and research and development in the areas of fuel cells, hybrids and environmental technology."

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