Wednesday , May 31 2023

Toyota posted an increase in profits with better sales and lower costs


Japanese automaker Toyota Motor Corp said today it had 28 percent gains in profits in the last quarter due to higher sales in Europe, Asia and the two US countries.

With data for July-September, Toyota has increased profits for the whole year, says Beta, according to the Associated Press.

Japan's largest automaker said it had a profit of 585.1 billion yen ($ 5.2 billion) in the third quarter, from 458.3 billion yen a year ago.

Sales rose by 2% to 7.3 trillion yen ($ 64.7 billion).

Toyota predicts that the financial year to March will reach 2.3 trillion yen ($ 20 billion), while it is expected to reach 2.1 billion yen (19 billion dollars).

It is a drop of almost eight per cent, with nearly 2.5 billion yen yen on last year's profits.

Sales of Toyota vehicles declined in the US and Japan but improved in Europe, the rest of Asia and Central and South America.

The reduction in costs and marketing has helped in the last quarter, while profits were negatively affected by an unfavorable percentage, Toyota said.

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