Toyota logs 1st net profit fall in 4 yrs on higher material costs

May 11, 2023 | News On Japan

May 11, 2023 (Kyodo) - Toyota Motor Corp. said Wednesday its net profit fell 14.0 percent in fiscal 2022 from the previous year to 2.45 trillion yen ($18 billion), the first decline in four years due to rising material costs.

Operating profit for the year ended March slid 9.0 percent to 2.73 trillion yen, although the Japanese carmaker posted record sales of 37.15 trillion yen on robust vehicle sales and a weaker yen that bloats its overseas sales when repatriated.

For the current business year through next March, Toyota expects net profit to increase 5.2 percent to 2.58 trillion yen as it expects growth in production capacity. Operating profit is projected to rise 10.1 percent to a record 3 trillion yen on sales of a record 38 trillion yen, up 2.3 percent. ...continue reading

Source: ANNnewsCH

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