Tuesday, 4 August 2015

Toyota's first quarter profit rises 10%

Toyota grill

Japanese carmaker Toyota has reported a 10% increase in profits for the first quarter of its fiscal year, helped by the weak yen and cost cuts.
For the period from April to June, net income rose to 646.3bn yen (£3.34bn; $5.2bn) from 587.7bn yen a year ago.
The company also raised its full-year sales forecast to 8.95 million units from 8.9 million.
Last week, it emerged that Toyota was overtaken by VW as the world's largest carmaker in the first half of the year.
The relative weakness in the Japanese yen has helped to make Toyota more competitive abroad while inflating the value of its repatriated earnings from overseas.
However, Toyota - along with other carmakers - has also suffered from problems with airbags, made by supplier Takata, that were fitted in its cars.
Toyota and other Japanese car makers have had to recall millions of carsworldwide over the faulty airbags.

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