TOKYO, May 2015:
Toyota said today its annual profit accelerated 19% to a record US$18.1 billion (RM65.02 billion) as the world’s biggest automaker capitalised on a weak yen and strong demand in North America, despite a damaging string of recalls.
The company beat earlier forecasts with its US$18.1 billion in the fiscal year to March — bigger than the combined 2014 profit of Volkswagen and General Motors.
Revenues at the Corolla and Prius hybrid maker rose 6% to US$227.8 billion.
Despite weakness in Asia and industry concerns about a slowdown in major market China, Toyota also said it was on track for a bigger US$18.83 billion net profit in the current business year.
Toyota’s latest operating profit rose 20% – largely owing to cost cuts and a sharp decline in the yen, which inflates the value of exporters’ repatriated profits — even as sales edged lower to 8.97 million units. PTI
