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Toyota More Than Triples Net Earnings
Toyota Motor Corp.'s net profit soared to 962.1 billion yen (€7.4 billion) in the fiscal year ended March 31 from 283.5 billion yen (€2.2 billion) in the previous 12 months.
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Toyota Motor Corp.'s net profit soared to 962.1 billion yen (€7.4 billion) in the fiscal year ended March 31 from 283.5 billion yen (€2.2 billion) in the previous 12 months.
Revenue jumped 19% to 22.1 trillion yen (€170.1 billion). Consolidated global sales, which include Toyota's Daihatsu and Hino subsidiaries, climbed 21% to 8.87 million vehicles in the April-March period.
The company benefited from 450 billion yen (€3.5 billion) in cost reductions, the weakening euro and comparison to the natural-disaster-plagued 2011-2012 period.
In the fiscal fourth quarter, Toyota's net income more than doubled to 313.9 billion yen (€2.4 billion) despite a revenue gain of only 2% to 5.8 trillion yen (€44.7 billion).
For the year ending in March 2014, the company predicts its net earnings will jump 42% to 1.37 trillion yen (€10.6 billion). Toyota also expects revenue to grow 7% to 23.5 trillion yen (€181.2 billion) and sales to increase about 3% to 9.1 million vehicles.
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