Weak yen helps Toyota profits double in Q1

Toyota’s profit more than doubled to 313.9bn yen (€2.4bn) in the January-March quarter as cost cuts and better sales worked with a weakening yen to add momentum to the car maker’s comeback.

Toyota reported a 121bn yen profit for the same quarter last year.

The world’s top-selling car maker said it expects the strong results to continue into the fiscal year through to next March.

It projected a 1.37tn yen profit, up from 962bn yen the previous year.

A recent plunge in the yen, brought about by the economic and monetary policies of prime minister Shinzo Abe, who took office late last year, has been a boon for Japanese exporters such as Toyota.

But company president Akio Toyoda warned competition remains tough.