Toyota reports 1% profit growth on healthy global sales

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Japan’s top automaker Toyota has said that its net profit edged 1% higher in July-September as vehicle sales grew around the world. Toyota Motor Corp.  on Thursday reported a profit of 592 billion yen ($5.4 billion) for the second fiscal quarter, up from 585 billion yen recorded last year.

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Toyota, which makes the Prius hybrid, Corolla subcompact and Lexus luxury models, stuck to its net profit forecast for the fiscal year through March 2020, at 2.15 trillion yen ($20 billion). That would be an improvement over the 1.88 trillion yen earned in the year ended in March.

Vehicle sales for the latest quarter grew not only in Japan but also overseas, including the U.S., the rest of Asia and Europe. Quarterly sales rose 4% to 7.6 trillion yen ($70 billion), compared to the previous year.

Juliet Ekwebelam

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