Toyota Quarterly Profits Improves On Strong Sales

Aichi, Japan: Toyota Motor Corporation has reported its financial results for its fiscal second quarter that ended in September this year, which saw a rise of 16 percent in profits as sales increased.

The Japanese automaker’s July to September profit this year totalled 458 billion yen (US$4.03 billion), increasing from US$3.45 billion during the corresponding period in 2016; and its quarterly sales rose 10 percent to US$62.7 billion.

The company is optimistic on its annual profit forecast and has increased its projection to US$17 billion from its initial US$15 billion this year; a rise of six percent from the US$16.1 billion the company achieved the previous fiscal year.

The automaker is attributing the rise in sales to cost cuts and the cheaper yen, which helps boosts earnings for Japanese exporters.

The company expects to sell 8.95 million vehicles for this financial year, an increase from the earlier forecast of 8.9 million vehicles.

The Japanese automaker is also planning to build a new plant in the US, which will be run with another Japanese automaker—Mazda Motor Corporation. The site’s location has not been decided yet.

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