Spiralling Sales Drive Toyota's Q1 Profits Up 29%

05 August 2004

Japanese auto giant Toyota Motor Company, now the world's second largest carmaker (by market capitalization) after ousting Ford from that position last year, posted roistering results in its fiscal first quarter.

Net profits, driven by robust sales in the US and Asia, leapt year-on-year by 29% to ¥287 billion ($2.595bn; €2.153bn; £1.422bn). Asian sales -- excluding Toyota's home market where conditions are difficult -- reached orbital velocity with a 65.1% increase.

Cost-cutting and efficiency gains contributed ¥210bn to operating profits of ¥449bn, up 32% on the same period last year. This champagne performance offset the negative impact of a strong yen and unspecified higher expenses.

Already the planet's most profitable carmaker, Toyota increased profits in every region and is on target to cut annual costs by $1.8bn.

Data sourced from: Financial Times; additional content by WARC staff