Toyota profits increase fourfold

Toyota profits more than quadrupled to 121bn yen (€1.16bn) in the January to March period compared with the previous year, capping a hardship-filled year as it was battered by the tsunami in Japan.

Profit for the fiscal year ending in March plunged 30% to 283.6bn yen (€2.72bn), down from 408bn yen (£3.1 billion) the previous fiscal year, as last year’s tsunami damaged supply chains in north-eastern Japan and hobbled Toyota production around the world.

But in a sign of solid recovery, Japan’s leading car manufacturer forecast today that profit would soar to 760bn yen (€7.3bn) for the fiscal year to March 2013.

Toyota’s profit for January-March last year had been dismal at 25.4bn yen (€244m) because of the tsunami damage. The earthquake and tsunami hit on March 11, 2011.

The flooding in Thailand at about the same time also hammered Toyota’s results.

Toyota president Akio Toyoda acknowledged the hardships, but also pointed to the strong yen, which erodes the overseas earnings of Japanese exporters like Toyota.

He said: “Our vision is to establish a strong business foundation that will ensure profitability under any kind of difficult business environment.

“But thanks to the concerted efforts of our employees, suppliers and dealers, we were able to recover production and sales faster than anticipated and achieved a strong result.”

Toyota, which makes the Prius, Avensis and Lexus models, saw vehicle sales grow in all regions, including Japan, Europe and Africa during the latest fiscal year, except for North America. But even there, it is regaining market share.

Toyota is expecting to sell 8.7 million vehicles for the fiscal year through to March 2013, 1.3 million more than the fiscal year ending in March.

More in this Section

Europe’s easing timetable is intact with coronavirus spread under controlEurope’s easing timetable is intact with coronavirus spread under control

Phil Hogan mulling candidacy for WTO chiefPhil Hogan mulling candidacy for WTO chief

EasyJet and Carnival poised to exit FTSE 100 as virus hammers travel firmsEasyJet and Carnival poised to exit FTSE 100 as virus hammers travel firms

Coronavirus: Ibec demands faster reopening of the economy and reduction of two-metre ruleCoronavirus: Ibec demands faster reopening of the economy and reduction of two-metre rule


Every parent eventually reaches that weird milestone where their children discover that their mother or father had a life before kids. For Cork musician John “Haggis” Hegarty it came this April, when his 17-year-old son walked in clutching a copy of the Irish Examiner.Emperor of Ice Cream: Cork band reunite for another scoop

Louis Theroux, best known for his TV documentaries, is, like the rest of us, being forced to improvise and so has started a podcast, Grounded with Louis Theroux.Podcast Corner: Louis Theroux and Ross Kemp zoom into action

Gavin James is preparing for what is probably the strangest challenge of his live-gigging career to date: performing to a sea of cars at his upcoming Live at the Drive In gigs.Gavin James: All revved up for drive-in gigs

The Government last week reminded anyone receiving the pandemic unemployment payment (PUP), put in place as an emergency response to layoffs made in the wake of the Covid-19 crisis, that they could be liable for a tax bill at the end of the year.Making Cents: Working out if you will face a tax bill because of Covid-19 supports

More From The Irish Examiner