Strong Sales in U.S Lifts Toyota’s Profit by 19%
The strong sales figures in the United States and taking an advantage from the cheap yen, Toyota reported a record profit of $18.1 the fiscal year till March. As compared to last year, the profit increased by nineteen percent.
On Friday, Akio Toyoda, the president of Toyota Motor said to the reporters that the Japanese auto manufacturer seems to be back on the trail for "sustainable growth." However he said that the approaching year will be a time for a critical test.
The company said that it is expecting a growth of 3.5 percent in profit amounting to $18.8 billion, for the present fiscal year which ends in March 2016.
Since 2009, the time when the founder's grandson Toyoda, took charge of the company, it has gone through many testing times as it got embroiled in a colossal recall scandal mainly in the U. S. The recall involved millions of vehicles for different kind of problems which included defective floor mats, faulty brakes and sticky gas pedals.
Although lesser number of vehicles was sold globally, but Toyota's yearly sales figure improved six percent, to $227 billion. The gains were also assisted by expense cuts and a cheaper yen.
For the quarter that ended in March, the carmaker reported a profit of $3.7 billion which is fifty percent increase as compared to the previous earlier.
New Zealand News
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