Toyota Logs Record Earnings, But Trump Tariffs Headache

Economy

Tokyo, Aug. 3 (Jiji Press)--Toyota Motor Corp. <7203> on Friday reported record April-June group earnings, but additional automotive tariffs planned by the administration of U.S. President Donald Trump could overshadow the future performance of the leading Japanese automaker.

In the first three months of fiscal 2018, Toyota's net profit grew 7.2 pct from a year before to 657,306 million yen, hitting a record high for the period for the first time in three years, thanks to higher global auto sales and cost reductions.

First-quarter sales rose 4.5 pct to 7,362,733 million yen, also the highest level for the period.

The Toyota group's worldwide auto sales totaled 2,616,000 units, up by 26,000. Sales were brisk in China, Europe and North America, but slumped in Japan as sales of new models have run their course.

For the full year to March 2019, Toyota expects 2.12 trillion yen in group net profit, down 15.0 pct from the previous year, and 29 trillion yen in sales, down 1.3 pct.

[Copyright The Jiji Press, Ltd.]

Jiji Press