Toyota quarterly profit skyrockets to $3.71 bn

Toyota said Friday that its quarterly net profit skyrocketed to $3.71 billion and it upped sales targets, as the Japanese auto giant recovered from last year's quake-tsunami disaster.

The company said it earned 290.3 billion yen in the fiscal first quarter to June, up from just 1.16 billion yen a year ago -- the first full quarter after Japan was devastated by the March 11 natural disasters that dented production and demand.

Sales in the period shot up nearly 60 percent to 5.50 trillion yen, the automaker said. Its operating profit reached 353.14 billion yen, swinging back into the black after an operating loss of 107.96 billion yen a year ago.

The company also lifted its global sales forecast, saying it now expected to sell 9.76 million vehicles -- up from 9.58 million vehicles -- this calendar year, while producing a total of 10.05 million vehicles.

Toyota returned to the top of the global carmakers' league in the first half of 2012 by selling almost five million vehicles, outpacing rivals General Motors and Volkswagen.

"In all regions, vehicle sales increased significantly due to strong recovery of demand which had suffered last year from the lack of supply caused by the Great East Japan Earthquake," Senior Managing Officer Takahiko Ijichi said in statement.

Toyota's aggressive cost-cutting and stronger sales more than offset the negative impact of a high yen which has weighed on Japanese manufacturers by making their products less competitive overseas and shrinking foreign income.

The yen hit record highs around 75 against the dollar late last year and remains strong.

Efforts to chop costs saved about 70.0 billion yen in the quarter, Toyota said, but currency fluctuations were a drag on operating profit, it added.

Toyota kept its annual net profit forecast at 760 billion yen on sales of 22.0 trillion yen.

The company, whose brands also include Lexus, Daihatsu and Hino, sold a record 4.97 millions units worldwide in the first six months of this year, up nearly 34 percent from the same period last year.

That vaulted Toyota ahead of GM and Volkswagen, which sold 4.67 million and 4.45 million units in the first half respectively.

The Japanese firm last year lost the title of world's biggest carmaker -- a spot it had held between 2008 and 2010 -- following a slump in production and sales owing to the disasters, floods in Thailand and the strong yen.

In the fiscal year to March 2012, Toyota's net profit tumbled 30.5 percent to 283.56 billion yen.

Despite the currency and disaster-related struggles, Toyota has also been forced into damage control in recent years after recalling millions of vehicles since 2009 over safety defects.

To drive growth, the firm has said it will roll out a number of new compact cars priced around $12,500 in developing nations, targeting sales of more than one million of the models annually in emerging markets by 2015.

Loading...

Editor’s note:Yahoo Philippines encourages responsible comments that add dimension to the discussion. No bashing or hate speech, please. You can express your opinion without slamming others or making derogatory remarks.

  • Indonesia rebuffs last-ditch bids to delay drug-convict executions
    Indonesia rebuffs last-ditch bids to delay drug-convict executions

    By Kanupriya Kapoor and Jane Wardell CILACAP, Indonesia/SYDNEY (Reuters) - Indonesia said the execution of nine drug traffickers would go ahead this week, rebuffing last-minute appeals from Australia and the Philippines to spare their nationals and ignoring a decision by the Constitutional Court to hear a final challenge. Australia began the day with a plea for a stay in the execution of Myuran Sukumaran and Andrew Chan, saying reports that their trial had been tainted by corruption needed to …

  • Halt Indonesia drug executions until graft claims probed: Australia
    Halt Indonesia drug executions until graft claims probed: Australia

    Australia urged Indonesia Monday to delay the execution of two men for drug offences until a corruption probe into their case is complete, after a report that judges sought tens of thousands of dollars in bribes. "Bali Nine" drug traffickers Myuran Sukumaran and Andrew Chan could face the firing squad within days, along with others from Brazil, Nigeria, the Philippines and an Indonesian prisoner. The Indonesian attorney-general's office said the executions would take place this week but did …

  • ISIS has not penetrated Phl – AFP
    ISIS has not penetrated Phl – AFP

    Security officials yesterday maintained that the Islamic State of Iraq and Syria (ISIS) has not penetrated the Philippines following an expert’s warning that the group poses a threat to the country. Abu Sayyaf, BIFF (Bangsamoro Islamic Freedom Fighters), private armed groups to our knowledge are the people making problems down south,” Armed Forces chief Gen. Gregorio Catapang Jr. said. The BIFF and the Abu Sayyaf have pledged allegiance to the ISIS but it remains uncertain whether they are …

  • Cerbo named national police intel chief
    Cerbo named national police intel chief

    Philippine National Police officer-in-charge Deputy Director General Leonardo Espina yesterday ordered the appointment of PNP spokesman Chief Superintendent Generoso Cerbo Jr. as chief of the Directorate for Intelligence. …

  • Pump prices up anew
    Pump prices up anew

    Oil companies announced yesterday another round of price hikes with independent oil firms among the first to issue their respective announcements. PTT Philippines, the local subsidiary of Thailand’s biggest oil firm, and Phoenix Petroleum Philippines, another independent oil company, were among the first to issue their respective advisories. Seaoil Philippines also issued its announcement. “PTT Philippines will increase pump prices of gasoline by P0.70 per liter and of diesel by P0.30 per …

  • PNP to ease rules on gun permit processing
    PNP to ease rules on gun permit processing

    The Philippine National Police will simplify requirements for getting a firearm’s permit under the new gun control law, PNP officer-in-charge Deputy Director General Leonardo Espina said yesterday. Espina said they are working to simplify the process to secure a license to own and possess firearms (LTOPF) amid complaints of excessive requirements from gun holders. Espina directed the Firearms and Explosives Office (FEO) to make it easier for legitimate gun owners to comply with the …

  • Mercy for Mary Jane: Pacman joins appeals
    Mercy for Mary Jane: Pacman joins appeals

    World boxing superstar Manny Pacquiao took time out yesterday from final preparations for his $400-million megafight with Floyd Mayweather Jr. to plead for the life of a Filipina on death row in Indonesia. Pacquiao, a national hero in the Philippines, added his voice to a chorus of global opposition led by United Nations Secretary General Ban Ki-moon to the executions of a group of foreign drug convicts, including compatriot Mary Jane Veloso. The eight-division world champion, who will face …

  • Phl condoles as Nepal death toll hits 3,700
    Phl condoles as Nepal death toll hits 3,700

    Foreign rescue teams equipped with heavy cutting gear and relief supplies were landing round the clock at Nepal’s only international airport on the outskirts of Kathmandu, which has been devastated by Saturday’s 7.8-magnitude quake. “We need more helicopters for our rescue operations in rural areas,” said Nepal Home Affairs spokesman Laxmi Prasad Dhakal. In a statement issued yesterday, Aquino said a team from the Philippine embassy in New Delhi, India would travel to Nepal to meet the needs …

POLL

Should Aquino be held accountable over the Mamasapano operations?

Loading...
Poll Choice Options