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Wednesday, 7 August, 2002, 08:57 GMT 09:57 UK
Toyota doubles its profits
Car show in Beijing
Redesigned cars did well in the US
Japanese car maker Toyota has announced a doubling in profits, as demand for redesigned vehicles boosted sales.

For the three months ending in June, the company reported net profits of 352bn yen ($2.9bn; 1.9bn), compared with a 162bn yen profit a year before.


The numbers are quite impressive... and looking ahead I think the outlook is not so rosy

Akio Yoshino
SG Yamaichi Asset Management
Defying the global slowdown, Toyota also reported a 28% increase in sales to 1 million vehicles for the quarter.

The company's redesigned Camry and Corolla sedans and Tundra light truck proved particularly popular in North America.

"Despite an increasingly competitive global market, Toyota achieved significant growth in both sales and income," Toyota executive vice-president Ryuji Araki said.

Favourable exchange rates also helped to inflate the company's profits, adding 70bn yen to operating income.

Healthy sales

Toyota's overall sales came in at 4 trillion yen for the April-June quarter.

This was an increase of 20% from 3.3 trillion yen a year ago.

Toyota sold 1.5 million vehicles worldwide during the three months, a 13% jump on 1.33 million last year.

"The numbers are quite impressive but the first quarter is over and looking ahead I think the outlook is not so rosy for Toyota and Japan's other major automakers," said Akio Yoshino, general manager at SG Yamaichi Asset Management.

In Japan, the April to June period represents the first quarter of the fiscal year.


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See also:

06 Jun 02 | Business
26 Mar 02 | Business
21 Mar 02 | England
06 Mar 02 | Business
25 Jan 02 | Business
08 Jan 02 | Business
08 Nov 01 | Business
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