Toyota profit quadruples. Hits $3 billion image

Toyota Motor Corp, Japan’s top automaker, said today quarterly operating profit jumped more than five-fold to $3 billion and would treble in the current year as production roars back from post-disaster lows.

Fourth-quarter net profit jumped to 121 billion yen from 25.4 billion yen a year ago.

For the year to next March, Toyota forecast operating profit would rise to 1 trillion yen ($12.54 billion), ahead of recent consensus forecasts for 990 billion yen.
The Japanese automaker expects net profit to rise to 760 billion yen from 284 billion yen in the year just ended.

Japanese automakers were hammered last year by the country’s huge earthquake and tsunami, which caused enormous production problems, while the later Thailand flooding created supply-chain headaches for firms with plants there.

Toyota President Akio Toyoda acknowledged the hardships, but also pointed to the strong yen, which erodes the overseas earnings of Japanese exporters like Toyota.

Toyota, which makes the Prius, Avensis and Lexus models, saw vehicle sales grow in all regions, including Japan, Europe and Africa during the latest fiscal year, except for North America. But even there, it is regaining market share.

Last month, Honda Motor Co. reported its January-March profit jumped 61 percent on robust car and motorcycle sales, and forecast record global sales of 4.3 million vehicles for this fiscal year.
Nissan Motor Co. reports fiscal results Friday.