TOKYO – Japanese carmaker Toyota Motor Corp said on Tuesday its net profit increased 40.5 percent year on year to 2.013 trillion yen ($18.42 billion) for the period April to December 2017, thanks to a good showing in the domestic market.
In the period, which marks first nine months of the Japanese fiscal year, Toyota posted an operating profit of 1.77 trillion yen, a 13.8 percent jump year on year, according to the financial report published by the company.
The manufacturer, based in Aichi in central Japan, posted a turnover of 21.79 trillion yen, an 8.1 percent jump compared to the same period last year.
Worldwide sales grew 0.52 percent year on year in the period between April and December, during which the company sold 6,678,000 units of various brands of the group, which includes subsidiaries Daihatsu Motor and Hino Motor.
The company performed especially well in the Japanese market, with local sales ascending to 1,639,000, a 1.6 percent rise compared to last year.
Overseas sales also grew 0.17 percent in this period, to reach 5,039,000 units, although in the United States – Toyota’s biggest market – sales dropped by 0.6 percent to 2,132,000 vehicles.
The carmaker expects worldwide sales to reach 8,950,000 units in the current fiscal year ending in March.
The company published its forecasts for the current financial year, upgrading it to a record net profit of 2.4 trillion yen, expecting the exchange rate to be favorable.
The biggest Japanese manufacturer in the automobile sector is expecting its operating profit to grow 10.3 percent and reach 2.2 trillion yen, while forecasting its sales revenue to jump by 5.1 percent to reach 29 trillion yen, according to company estimates.