Toyota has posted fiscal first half (six months ended September 30) net income up 11.6% to a record 1.2581 trillion in results boosted by the weak yen. Operating income increased 17.1% to 1.5834 trillion yen.

On a consolidated basis, net revenues increased 8.9% to 14.09 trillion yen from 12.95 trillion yen a year ago.

Consolidated vehicle sales totalled 4,278,007 units, a decrease of 198,515 units compared to the same period last fiscal year.

TMC Managing Officer Tetsuya Otake said: "Despite decreased vehicle sales and increased expenses to promote the Toyota New Global Architecture and research into cutting-edge technologies, progress in cost reduction and other profit improvement activities, in addition to favorable foreign exchange rates, contributed to the increase in operating income."

Sales were up in the North America but down in many other regions and Toyota cuts its sales forecast for the fiscal year ended March 31, 2016 from 8.95m units to 8.75m units. 

Show the press release

TMC Announces April-September 2015 Financial Results

(All consolidated financial information has been prepared in accordance with
U.S. generally accepted accounting principles)

Toyota City, Japan, November 5, 2015—Toyota Motor Corporation (TMC) today announced its financial results for the six-month period ended September 30, 2015.

Consolidated vehicle sales totaled 4,278,007 units, a decrease of 198,515 units compared to the same period last fiscal year. On a consolidated basis, net revenues for the period totaled 14.09 trillion yen, an increase of 8.9 percent. Operating income increased from 1.3519 trillion yen to 1.5834 trillion yen, while income before income taxes1 was 1.6751 trillion yen. Net income2 increased from 1.1268 trillion yen to 1.2581 trillion yen.

Operating income increased by 231.4 billion yen. Major factors contributing to the increase included currency fluctuations of 305.0 billion yen and cost reduction efforts of 140.0 billion yen.

Commenting on the results, TMC Managing Officer Tetsuya Otake said: “Despite decreased vehicle sales and increased expenses to promote the Toyota New Global Architecture and research into cutting-edge technologies, progress in cost reduction and other profit improvement activities, in addition to favorable foreign exchange rates, contributed to the increase in operating income.”

In Japan, vehicle sales totaled 984,397 units, a decrease of 45,832 units. Operating income increased by 239.4 billion yen to 958.2 billion yen.

In North America, vehicle sales totaled 1,413,064 units, an increase of 17,959 units. Operating income, excluding the impact of valuation gains/losses from interest rate swaps, decreased by 3.3 billion yen to 285.7 billion yen.

In Europe, vehicle sales totaled 407,352 units, a decrease of 6,865 units, while operating income decreased by 2.9 billion yen to 30.2 billion yen.

In Asia, vehicle sales totaled 653,566 units, a decrease of 101,252 units, while operating income increased by 31.2 billion yen to 244.1 billion yen.

In other regions (including Central and South America, Oceania, Africa and the Middle East), vehicle sales totaled 819,628 units, a decrease of 62,525 units, while operating income decreased by 11 billion yen to 66.8 billion yen.

Financial services operating income decreased by 18.6 billion yen to 165.8 billion yen, including a loss of 14.2 billion yen in valuation gains/losses from interest rate swaps. Excluding valuation gains/losses, operating income increased by 16.8 billion yen to 180.0 billion yen.

For the fiscal year ending March 31, 2016, TMC revised its consolidated vehicles sales forecast from 8.95 million units to 8.75 million units, in consideration of the latest sales trends in each region.

TMC also revised its consolidated financial forecasts for the fiscal year. Based on an exchange rate assumption of 118 yen to the U.S. dollar and 133 yen to the euro, TMC now forecasts consolidated net revenue of 27.5 trillion yen, operating income of 2.8 trillion yen, income before income taxes of 2.98 trillion yen and net income of 2.25 trillion yen.

1Income before income taxes and equity in earnings of affiliated companies

2Net income attributable to Toyota Motor Corporation

Original source: Toyota

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