Toyota reports record £5.9bn profit amid pandemic

Toyota reports record £5.9bn profit amid pandemic
(Andrew Matthews/PA)

Toyota has reported a record 897.8 billion yen (£5.9 billion) profit for the first quarter, underlining the Japanese car maker’s resilience even amid the coronavirus pandemic.

April-June profit soared more than five-fold from 158.8 billion yen in the same period a year earlier.

Quarterly sales soared 73% from the previous year to 7.94 trillion yen (£52 billion), also a record for the maker of the Prius hybrid and Lexus luxury models.

Worries remained, such as the ongoing shortage of semiconductors and the rising costs of materials, according to Toyota.

Such concerns were the reason why the firm said it kept its forecasts unchanged for the full fiscal year to March 2022, at a 2.3 trillion yen (£15 billion) profit, and 9.6 million vehicles in global retail sales.

That’s up from nearly 9.1 million vehicles during the fiscal year ending in March 2021.

Including sales of Daihatsu and Hino group companies, Toyota expects to sell 10.55 million vehicles, up from 9.9 million the previous fiscal year.

Toyota said some costs came down during the pandemic because of changes such as decreased travel and a move to online meetings.

Vehicle sales projections were hit by parts shortages that affected production, meaning that, once such problems were solved, vehicles sales could beat the forecasts, according to Toyota.

The impact from foreign exchange rates added 140 billion yen (£920 million) to Toyota’s operating income, which grew across all regions for the quarter, including the US, Europe, Japan and the rest of Asia.

While the pandemic has dented sales and demand in some global businesses, Toyota appears to be roaring back. Uncertainties remain such as the global shortage of semiconductors which has hampered the motor industry, as well as the effects of Covid-19.

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