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Toyota Posts Good Q1 Result

Despite the mild decrease registered for the seventh month of the year, Japanese manufacturer Toyota built on the good results of past months and posted a 27 percent increase in net revenues for the first quarter of the fiscal year which started on April 1.

Toyota managed to achieve net revenues of 4,871.8 billion yen ($56.9 billion), while the operating income increased from a loss of 194.9 billion yen ($2.2 billion) to 211.6 billion yen ($2.4 billion). North America, the carmaker's largest market, accounted for an operating income of 109.7 billion ($1.2 billion). Europe managed to cut back on its operating loss, which is now only 6.8 billion yen ($79.5 million), while Japan reduced the loss to 27.5 billion yen ($321 million).

“Due to an increase in vehicle sales and a large decrease in the costs related to loan losses and residual losses in Financial Services, operating income improved substantially on last year,
” Takahiko Ijichi, Toyota's managing director said in a statement.

For the future, the carmaker increased its sales target by 90,000 vehicles, from 7.29 million to 7.38 million units. The consolidated financial forecasts for fiscal year 2011 have been increased to 19.5 trillion yen ($228 billion) and a net income of 340 billion yen ($3.9 billion).

We note a lack of visibility concerning currency movements and the possible backlash in demand after the end of the demand-stimulus programmes in Japan, which requires our close monitoring,” Ijichi added.

“Nevertheless, we will do our utmost to reach as many customers with as many vehicles as possible. We will continue our activities for fixed and variable cost reduction as previously promoted under the Emergency Profit Improvement Activities.”
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About the author: Daniel Patrascu
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Daniel loves writing (or so he claims), and he uses this skill to offer readers a "behind the scenes" look at the automotive industry. He also enjoys talking about space exploration and robots, because in his view the only way forward for humanity is away from this planet, in metal bodies.
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