Toyota Secures Profits in April-June despite Pandemic

Economy

Tokyo, Aug. 6 (Jiji Press)--Toyota Motor Corp. <7203> said Thursday that it managed to secure group operating and net profits in April-June thanks to cuts in costs such as overtime pay and production expenses although the group's new vehicle sales faltered worldwide amid the novel coronavirus pandemic.

The leading Japanese automaker reported a consolidated net profit of 158,843 million yen for the first quarter of fiscal 2020, down 74.3 pct from a year earlier, while its operating profit plummeted 98.1 pct to 13,920 million yen. Its group sales revenue totaled 4,600,796 million yen, down 40.4 pct.

Toyota started to use the International Financial Reporting Standards from fiscal 2020.

The Toyota group's global automobile sales, including at subsidiaries Daihatsu Motor Co. and Hino Motors Ltd. <7205>, stood at 1,848,000 units in April-June, down 31.8 pct.

But Toyota revised up its estimate for the group's full-year vehicle sales across the globe to 9.1 million units from 8.9 million units as demand has been recovering since May due to restrictions on going out being eased around the world. The parent firm's global sales, including SUV sales mainly in China, are bouncing back after hitting bottom in April.

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Jiji Press