TOKYO — Toyota reported a modest rise in first-quarter net profits on Thursday as a weak yen and cost cuts helped the Japanese auto giant overcome a drop in production and sales in its home market.
The firm said net income rose 1.7 percent to 1.33 trillion yen and operating profit jumped 16.7 percent to 1.31 trillion yen . Revenues climbed 12.2 percent to 11.8 trillion yen.The world's largest automaker by sales also kept unchanged its full-year forecasts, predicting net profit of 3.57 trillion yen, marking a drop of 27.8 percent, on sales of 46 trillion yen, which would be a gain of 2.0 percent.
Signage is pictured outside of a car dealership for Japanese automaker Toyota in Tokyo on May 8, 2024. The automotive giant on August 1 reported a net income of 1.33 trillion yen while the Japanese yen is weak. AFP PHOTO'Our operating income was 1.3 trillion yen, despite a decrease in production and sales volume in Japan, due to the effects of foreign exchange rates and cost reduction efforts,' Toyota said in a statement.
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