Toyota said its net profit tripled last year and would probably rise by a further 40 per cent this year as a result of a weaker yen, improved US demand and relentless efforts to cut costs.
The Japanese carmaker yesterday reported a net profit of Y962bn ($9.7bn) for the fiscal year that ended in March, up from Y283bn a year earlier. For the current year, it expects to earn Y1.37tn.
“The long period of yen strength is finally correcting,” Akio Toyoda, Toyota’s president, said of the currency’s 20 per cent fall against the dollar since late last year, which followed a mostly unchecked five-year appreciation. “It was an extremely tough period but we learnt many lessons.”
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