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Toyota Reborn, Posts Full Year Profit

After last fiscal year Japanese carmaker Toyota posted a huge loss (437 billion yen or $4.7 billion) and with all the quality issues affecting its image, a positive result for the fiscal year which ended in March was somewhat hard to anticipate. Yet, Toyota has done it, and in style: a 209.46 billion yen ($2.26 billion) net profit.

The positive result, posted some 15 months after Akio Toyoda was announced as the replacement of former president Katsuaki Watanabe, shows an operating profit of 147.52 billion yen ($1.59 billion) and a total number of units sold of 7.24 million units (down 330,000 units from fiscal year 2008-2009).

"It was a year of being constantly on alert due to a series of recalls," Akio Toyoda was quoted as saying by AFP. "This fiscal year marks a truly fresh start for Toyota and I would like to steer... towards new strategies for growth."

Each of Toyota's markets helped the carmaker return to positive figures. In North America, the region where you would have thought the recalls battered the carmaker, sales decreased by only 114,000 units, while operating income increased to 85.4 billion yen ($922 million) thanks to the interest-rate swaps and improved market conditions.

In Japan the situation was reversed: sales increased by 218,000 units, while operating income dropped to 225.2 billion yen ($2.4 billion).

For the year to come, Toyota says it will sell 7.29 million units, up 53,000 units from last fiscal year, mostly thanks to the recovery on the foreign markets.
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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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