Toyota Logs Record Net Profit in April-June

Economy

Nagoya, Aug. 2 (Jiji Press)--Toyota Motor Corp. <7203> said Friday that its group net profit in April-June totaled a record 682,974 million yen, up 3.9 pct from a year before, thank chiefly to strong sales of newly launched vehicles.

In the first quarter of fiscal 2019, the leading Japanese automaker logged sales of 7,646,091 million yen, up 3.8 pct, with its operating profit coming to 741,951 million yen, up 8.7 pct.

The Toyota group's global vehicle sales, including sales at subsidiaries Daihatsu Motor Co. and Hino Motors Ltd. <7205>, reached about 2.71 million units, up 3.6 pct, led by strong sales of hybrid vehicles in Europe and robust demand for Lexus luxury brand models in China.

But Toyota lowered its consolidated earnings forecasts for the full year to March 2020, putting net profit at 2.15 trillion yen, down from the earlier projection of 2.25 trillion yen, operating profit at 2.4 trillion yen, down from 2.55 trillion yen, and sales at 29.5 trillion yen, down from 30 trillion yen.

Demand in the U.S. market has started to slow, while sales in China have been affected by its trade friction with the United States.

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Jiji Press