Toyota reports record $14-billion profit
Toyota Motor Corp. reported early this morning that annual profits rose
19.8% to a company record $1.64 trillion yen, or about $14 billion.
Toyota’s revenues rose 13.8% to a record 23.94 million yen, or $204
billion, for the fiscal year, which ended March 31. Global vehicle sales
in the period totaled 8.52 million units, an increase of 550,000 units
compared to the last fiscal year and also a record.
“For fiscal year 2007, Toyota posted record consolidated results across
the board.” Toyota President Katsuaki Watanabe said in a statement. “We
believe our continuous efforts to support global growth have steadily
contributed to our record net revenues, operating income and net income.”
For the final quarter of the year, Toyota’s net income rose 9% to 440
billion yen, or $3.7 billion.
The results come as Toyota is poised to pass General Motors Corp. as the
world’s largest automaker. It outsold GM for the first time ever in the
January-March period with global sales of 2.35 million vehicles to GM’s
Toyota made gains in what was a difficult period for Detroit automakers
and its Japanese counterparts. In 2006, Ford lost $12.6 billion, GM lost
$2 billion and the Chrysler Group lost $680 million. DaimlerChrysler AG
as a whole made $5 billion in 2006, up from $3.4 billion in 2005.
Nissan Motor Co. and Honda Motor Co. both made money in 2006 but their
profits declined from the year before.
Toyota’s profits have been buoyed by success in the United States.
Toyota vehicles sales dropped in its most recent fiscal year in Japan
but rose in North America and Europe. In North America, vehicle sales
hit 2.94 million units, an increase of 386,000 units, thanks to the
success of redesigned models such as the RAV4 and Camry.
Toyota also projected this morning that net income for the next fiscal
year will reach $1.65 trillion yen, slightly up from the most recent