Toyota logs record net profit in fiscal 2023-Xinhua

Toyota logs record net profit in fiscal 2023

Source: Xinhua

Editor: huaxia

2024-05-08 15:06:30

TOKYO, May 8 (Xinhua) -- Toyota Motor Corp. said Wednesday it saw a record net profit of 4.94 trillion yen (31.82 billion U.S. dollars) for the fiscal year of 2023, citing robust demand and the yen's depreciation.

The figure doubled from the previous fiscal year, while the operating profit almost doubled from a year earlier to 5.35 trillion yen during the fiscal period from April 2023 to March 2024, the company said in its latest financial results.

According to local media reports, Toyota became the first Japanese company to top the 5-trillion-yen mark in operating profit for fiscal 2023.

The Japanese automaker reported a record 45.1 trillion yen in sales, up 21.4 percent from a year ago.

Citing the popularity of hybrid cars, the company said its group vehicle sales, including those of its subsidiaries Daihatsu Motor Co. and Hino Motors Ltd., rose 5.0 percent to 11.09 million units.

Toyota expected its net profit to decline 27.8 percent to 3.57 trillion yen for the current fiscal year ending next March, with a 2-percent rise in sales.

Its planned global sales are downgraded to 10.95 million vehicles worldwide for the year, down 1.3 percent from the previous year, the company said. (1 U.S. dollar equals 155.23 Japanese yen)