Toyota Financial Results for 2010 First Half Fiscal Year

Today Toyota Motor Corporation announced its financial results for the six months that ended on September 30, 2009. Net revenues are down 31.3 percent compared to last year, totaling 8.378 trillion yen. The operating income also decreased from 582 billion yen to a loss of 136.9 billion yen.

TMC’s income before taxes and equity in earnings of affiliated companies was a loss of 63.0 billion yen. Net income decreased from 493.4 billion yen to a loss of 56.0 billion yen. Consolidated vehicle sales for the first half totaled 3.13 million units, a decrease of 1.12 million units compared to the same period last fiscal year.

Commenting on the results, TMC Executive Vice President Yoichiro Ichimaru said, “The net revenues and profits declined for this period due to the decline in vehicles sales in each region, as well as the negative impact of the yen’s appreciation. However, we continued to make improvements in our reduction in fixed costs and cost reduction efforts in the first half of fiscal year 2010. Progress with our Emergency Profit Improvement activities have been steadily bearing fruit. In addition, demand-stimulating measures by governments worldwide have contributed to our revised targets for the full fiscal year.”

Commenting on the amended forecasts for FY2010, Executive Vice President Ichimaru added, “We will continue to promote profit improvement activities across the company. However, the outlook for global vehicle demand still remains uncertain. We will therefore continue to carefully analyze the global market going forward in order to further improve our earnings prospects.”