Toyota Net Profit Falls 18 Pct in April-Dec.

Tokyo, Feb. 9 (Jiji Press)--Toyota Motor Corp. <7203> said Thursday that its group net profit fell 18.0 pct in April-December from a year before to 1,899,026 million yen, pressured by surging prices for steel and other materials.

The Japanese automaker saw its sales rise 18.0 pct to 27,464,033 million yen, a record high for the nine-month period, thanks to growing vehicle sales mainly in Asia.

Operating profit dropped 17.1 pct to 2,098,095 million yen. While a weak yen pushed up profits by 1,045 billion yen, rising materials prices pushed down profits by 1,110 billion yen. Higher labor and other costs due to soaring inflation, especially in foreign countries, also weighed on profits.

By region, profits in North America dropped significantly as increases in vehicle prices could not keep up with soaring materials costs.

Profits in Europe fell due to losses related to an end to Toyota's vehicle production in Russia. In Japan, profits grew significantly as the cheap yen boosted the value of overseas earnings.

[Copyright The Jiji Press, Ltd.]