Toyota profit up 5-fold on weak yen, good sales

Print
Email
|

Associated Press

Posted on February 4, 2014 at 3:33 AM

Updated Tuesday, Feb 4 at 4:03 AM

TOKYO (AP) — Toyota says its quarterly profit rose more than fivefold and has raised its earnings forecast.

The Japanese automaker said Tuesday it benefited in the October-December quarter from a weak yen and solid global sales.

Toyota Motor Corp. reported a 525.4 billion yen ($5.2 billion) profit, up dramatically from 99.9 billion yen a year earlier.

Quarterly sales jumped 24 percent to 6.585 trillion yen ($64.2 billion).

The world's top selling automaker raised its profit and sales forecasts for the fiscal year ending March.

The maker of the Prius hybrid and the Camry sedan now projects a fiscal year profit of 1.9 trillion yen ($18.8 billion). Its previous forecast was 1.67 trillion yen ($16.5 billion) profit.

Print
Email
|