News Column

Toyota Profits More Than Double

May 9, 2013
2013 Toyota Camry (photo: Toyota)

Toyota's profit more than doubled to 313.9 billion yen (Pounds 2 billion) in the January-March quarter as cost cuts and better sales worked with a weakening yen to add momentum to the car maker's comeback.

Toyota, which employs 500 people at an engine plant in Deeside, reported a 121 billion yen (Pounds 790 million) profit for the same quarter last year.

The world's top-selling car maker said it expects the strong results to continue into the fiscal year through to next March.

It projected a 1.37 trillion yen (Pounds 8.9 billion) profit, up from 962 billion yen (Pounds 6.2 billion) the previous year.

A recent plunge in the yen, brought about by the economic and monetary policies of prime minister Shinzo Abe, who took office late last year, has been a boon for Japanese exporters such as Toyota.

But company president Akio Toyoda warned competition remains tough.

For more coverage on the automotive industry, please see HispanicBusiness' Auto Channel

Source: Copyright Daily Post (Liverpool, England)

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