Quarterly Profit of Toyota Soars 70%
Toyota raised its profit outlook on Wednesday, after currency fluctuations and cost-cutting efforts helped the world's largest automaker surge its profit to 70%. Net profit of Toyota between July and September rose to 438.4 billion yen from 257.9 billion yen a year earlier.
The profit forecast of the company was raised to 1.67 trillion yen for the fiscal year ending in March, 2014.
"In addition to the impact of the weaker yen, operating income increased due to our efforts with our suppliers and distributors for profit improvement through cost reduction and marketing activities, such as enhancement of the model mix", said Nobuyori Kodaira, Toyota's executive vice president, in a statement.
It was revealed by Toyota last month that its global sales for the first nine months amounted for 7.41 million vehicles. It was not a big change than last year. It, however, surpassed General Motors to maintain its numero uno position as the world's top-selling auto maker.
It is expected by the world's best-selling carmaker that ¥1.67tn will contribute to its net profit by the year ending in March 2014.
The weakening yen has benefited the most to Toyota as its profit has been boosted by exports and conversion of overseas money into yen.