Toyota Posts 10% Profit Gain

Toyota Motor Corp.'s net profit in the fiscal first quarter ended June 30 climbed 10% to a record 646 billion yen ($5.1 billion).

The company's operating profit in April-June grew 9% to 756 billion yen ($6.1 billion). Revenue expanded 9% to 7 trillion yen ($56.4 billion) because of favorable currency exchange. Unit sales declined 6% to 2.11 million vehicles. Analysts note that Toyota's sales growth has been muted by the effect of a now-lifted three-year ban on plant expansion.

Toyota reports quarterly net revenue gains in North America (+26% to 581 billion yen) and Japan (+6% to 205 billion). But revenue fell in Asia (-5% to 54 billion yen) and Europe (-1% to 7 billion).

Toyota predicts its full-fiscal-year revenue will rise 2% to 27.8 trillion yen ($224 billion) and operating income will increase 2% to 2.8 trillion yen ($22.6 billion). The company lowered its full-year volume forecast to 10.12 million units from 10.15 million, reflecting less optimism about emerging markets.