Toyota posts record annual profit of $17.9 billion

Thursday 08 May 2014 08.51
Toyota sales motored over 16% higher in its latest fiscal year
Toyota sales motored over 16% higher in its latest fiscal year

Toyota today posted a record annual net profit of $17.9 billion as the world's biggest car maker saw a recovery in major markets and got a boost from the weaker yen. 

The Japanese giant said it earned 1.82 trillion yen over the fiscal year to March, nearly doubling from a year earlier, as sales rose 16.4% to 25.69 trillion yen. 

Toyota's operating income also jumped to 2.29 trillion yen, from 1.32 trillion yen during the period, it said. 

"Our consolidated operating income increased due to increased vehicle sales mainly in Japan and North America and to group-wide cost reduction activities," company president Akio Toyoda said in a statement.

For the current fiscal year to March 2015, Toyota said it was on track to earn a slightly weaker net profit of 1.78 trillion yen on 25.7 trillion yen in revenue. 

The buoyant results underscore a recovery not only for the Camry and Corolla maker but also for rival Japanese car giants including Nissan and Honda, which saw its net profit in the past fiscal year soar 56.4% to 574 billion yen. 

Nissan, Japan's second biggest car maker, reports its annual financial results next week. 

The trio have been big winners over the past year as a sharp drop in the yen inflated exporters' repatriated profits, further boosted by improved overseas demand in key markets including the US and China.