POST TIME: 8 November, 2019 00:00 00 AM / LAST MODIFIED: 8 November, 2019 12:13:45 AM
Toyota reports record first-half net profit, sales
AFP, Tokyo

Toyota reports record first-half net profit, sales

Japanese car giant Toyota yesterday reported record net profit and sales for the first half, with cost-cutting efforts helping to boost its balance sheet. The maker of the Camry sedan and Prius hybrid reported net profit rose 2.6 per cent to 1.27 trillion yen ($11.7 billion) in April-September.

The company kept its full-year net profit forecast at 2.15 trillion yen and operating profit at 2.4 trillion yen on sales of 29.5 trillion yen, though it made a minor change to its forecast for pre-tax profit.

Factors including cost reductions and marketing helped outweigh negative impacts from foreign currency exchange rates, contributing to a 11.3 per cent rise in operating profit, or 1.4 trillion yen for the six months to September, Toyota said in a statement.

“As a result of our work to improve ourselves, many of our customers chose Toyota vehicles. The latest results show that,” Toyota’s executive vice president Mitsuru Kawai said in a news conference. “We are grateful.”