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Toyota profits jump

August 4, 2015

Japanese carmaker Toyota has logged a marked rise in first-quarter profits despite slightly lower unit sales in the new fiscal year. Production cost reductions helped the company secure solid results despite recalls.

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Toyota production facility
Image: picture-alliance/dpa

Toyota Motor Corporation said Tuesday its net income for the three months to June increased by 10 percent to 587.7 billion yen ($5.2 billion, 4.8 billion euros).

The Corolla and Camry maker's revenue for the first quarter in its fiscal year ending in March had jumped by 9.3 percent to 6.98 trillion yen year-on-year.

Vehicle sales in the three months under review totaled 2,114,000 units, marking a decrease of more than 127,000 cars compared with the same period a year earlier.

Sales to pick up

"Favorable foreign exchange rates and cost reduction efforts were main positive factors," Toyota Managing Officer Tetsuya Otake said in a statement.

"But increased expenses to support initiatives for enhancing competitiveness were among the negative factors," Otake added.

The Japanese carmaker provided a positive outlook for the remaining three quarters, raising its vehicle sales forecast from 8.9 million units to 8.95 million cars globally "in consideration of the latest sales trends worldwide."

hg/cjc (AFP, Reuters)