Toyota Motor Corporation said today that annual net profits jumped 17.2% to hit a fourth record high in a row as it won market share from struggling US rivals with its fuel-efficient vehicles.
Japan's top car maker announced a net profit of 1.37 trillion yen ($12.35 billion) for the year to March on revenue up 13.4% to 21.04 trillion yen, also an all-time high. A weaker yen earlier in the financial year also boosted growth.
Toyota, which is on track to overtake ailing US giant General Motors as the world number one, also posted a better than expected 12.3% jump in operating profit to 1.88 trillion yen, a sixth consecutive record high.
For the current year to March 2007, however, Toyota forecast a drop in net profit to 1.31 trillion yen as the group invests heavily in developing new technology and expands its global production facilities.
Toyota has been investing billions of dollars to boost global production in response to record sales as sky-high oil prices drive unprecedented interest in its gas-electric hybrid models.
The company sold 7.97 million vehicles over the year, up from 7.41 million. Overseas markets drove demand, with North American sales rising 285,000 to 2.56 million, Asia up 47,000 to 880,000 as Europe jumped 44,000 to 1.02 million.
Domestic sales, however, dropped 17,000 to 2.36 million vehicles, reflecting a saturated Japanese market that is affecting all major producers.
Toyota is investing in Japan to boost supply for overseas markets. For the next three years, the company also plans to build new factories in North America, China, Russia and Asia, while increasing the capacity of existing overseas plants to meet growing demand.
