Toyota 6-month profit jumps to $10.35b

AFP, TOKYO: Toyota yesterday reported a half-year jump in profits even as car sales declined in most regions, as it moves to cut costs and squeeze more productivity out of its plants worldwide.
The world’s top automaker said its net profit rose nearly 12 per cent to 1.258 trillion yen ($10.35 billion) in the fiscal first half through September, with a weak yen also helping boost the bottom line.
The Corolla sedan and Prius hybrid maker’s revenue for the period rose almost nine per cent from a year ago to 14.09 trillion yen.
Toyota, however, sold slightly fewer cars  globally at 4.98 million units, and trimmed its full fiscal year sales target. North America stood out as the one key region where demand was strong, after rivals Honda and Nissan also cited the giant market as a bright spot that helped offset a sluggish Japanese market.
Japanese automakers have benefited from healthy growth seen in the US market with low interest rates, although the Federal Reserve’s plans to raise rates, possibly next month, could dent consumers’ appetite for new cars.
Meanwhile, the weaker yen has made them relatively more competitive overseas and inflated the value of repatriated overseas profits.

Toyota 6-month profit jumps to $10.35b

AFP, TOKYO: Toyota yesterday reported a half-year jump in profits even as car sales declined in most regions, as it moves to cut costs and squeeze more productivity out of its plants worldwide. The worlds top automaker said its net profit rose nearly 12 per cent to 1.258 trillion yen ($10.35 billion) in the fiscal first half through September, with a weak yen also helping boost the bottom line. The Corolla sedan and Prius hybrid makers revenue for the period rose almost nine per cent from a year ago to 14.09 trillion yen. Toyota, however, sold slightly fewer cars globally at 4.98 million units, and trimmed its full fiscal year sales target. North America stood out as the one key region where demand was strong, after rivals Honda and Nissan also cited the giant market as a bright spot that helped offset a sluggish Japanese market. Japanese automakers have benefited from healthy growth seen in the US market with low interest rates, although the Federal Reserves plans to raise rates, possibly next month, could dent consumers appetite for new cars. Meanwhile, the weaker yen has made them relatively more competitive overseas and inflated the value of repatriated overseas profits.