Toyota profit soars 78% to record high as production recovers
newscatcher
2023-08-01 08:31
Toyota profit soars 78% to record high as production recovers
Toyota Motor Corp. said Tuesday its net profit in the three months ended June soared 78.0 percent from a year earlier to a record 1.31 trillion yen ($9.2 billion), helped by the yen's weakness and robust sales as its production recovered from the coronavirus pandemic. The Japanese automaker posted record sales of 10.5 trillion yen, up 24.2 percent, while its operating profit jumped 93.7 percent to 1.12 trillion yen, also a record high for the quarter. The upbeat earnings results came as Toyota ramps up its production capacity across the globe to make up for lost opportunities during the coronavirus pandemic.

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