Although Toyota revenues and operating profit edged up and its unit sales were stable in the fiscal third quarter (ended 31 Dec), net income for the company was sharply down.

Toyota's fiscal third quarter profit plunged to 180.9 billion yen, which compares with 941.8 billion yen in the same quarter of 2017. Toyota said that profit for the latest quarter was hit by unrealised gains and losses in equity securities.

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However, net revenues in the quarter were up by 195.8 billion yen to 7,801.5 billion yen and operating income was up slightly to 676.1 billion yen.

In the nine months to Dec 31, Toyota  consolidated vehicle sales totalled 6,700,902 units, an increase of 22,623 units compared to the same period in the previous fiscal year. On a consolidated basis, net revenues for the nine-month period totalled 22.4755 trillion yen, an increase of 3.1%. Operating income increased from 1.7701 trillion yen to 1.9379 trillion yen. But net income in that nine-month period decreased from 2.0131 trillion yen to 1.4233 trillion yen.

The company's results were dented by poor performance in North America where nine-month vehicle sales totalled 2,091,258 units, a decrease of 39,936 units. Operating income, excluding the impact of valuation gains/losses from interest rate swaps, decreased by 4.4 billion yen to 163.7 billion yen.

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In Europe, nine-month vehicle sales totalled 724,800 units, an increase of 18,908 units, while operating income, excluding the impact of valuation gains/losses from interest rate swaps, increased by 24.5 billion yen to 87.0 billion yen.

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In Asia, nine-month vehicle sales totalled 1,274,858 units, an increase of 126,681 units, while operating income, excluding the impact of valuation gains/losses from interest rate swaps, increased by 59.9 billion yen to 395.0 billion yen.

For the fiscal year ending March 31, 2019, TMC has revised up its consolidated vehicle sales forecast from 8.9 million units to 8.95 million units, in consideration of the latest sales trends worldwide.

However, Toyota revised its consolidated financial forecasts down for the fiscal year. Based on an exchange rate assumption of 110 yen to the US dollar and 128 yen to the euro, Toyota now forecasts consolidated net revenue of 29.5 trillion yen, operating income of 2.40 trillion yen, income before income taxes of 2.20 trillion yen, and net income of 1.87 trillion yen.

Commenting on the operating income forecasts for the fiscal year, Toyota Operating Officer Masayoshi Shirayanagi said: "As for the cost reduction and fixed cost reduction activities, we are steadily making progress towards achieving our challenge-level target. In order to achieve this, we will follow through with our activities."