Toyota profit zooms as first half sales top ¥11 trillion
07 Nov 2006
Mumbai:
Toyota Motors, the world's second-largest car company,
has reported net profit of ¥777.22 billion ($665 billion)
for the first half of fiscal year 2006, up 36.2 per cent
from a year ago, gaining from record sales between April
and September owing to a softer yen and model redesigns.
Toyota notched up group sales also rose 15.3 per cent
to 11.47 trillion yen - the highest half-yearly profit
for any Japanese manufacturer. Group operating profit,
which includes figures for Daihatsu and Hino Motors, surged
35.1 per cent to 1.09 trillion yen, another all-time high.
Toyota raised its full-year profit forecast by 18 per
cent to 1.55 trillion yen, on improved sales forecasts
of 23.20 trillion yen.
The high profits were aided by a softer yen with the Japanese
currency ruling at 110 to a dollar, making the company's
cars cheaper for US and European consumers. Toyota's redesigned
Camry sedan re-launched in the USA from March and the
revamped Corolla also proved to be big hits in the market.
Toyota, whose staff levels rose 7.6% from a year ago to
285,977 at the end of March 2006, posted a group net profit
of 1.37 trillion yen over the same period on sales of
yen 21.04 trillion. Operating profit was 1.88 trillion
yen.
While Toyota profits continue to rise other car-makers
like Ford Motor Company and General Motors are seeing
a big dent in their profits. Ford posted a $5.8bn third-quarter
loss, the biggest profit dip in 14 years, while General
Motors lost $115m. Honda's second-quarter profit also
fell 4.3 per cent.
Toyota reported group sales of 6.61 million vehicles in
the first nine months of the current year, marginally
behind General Motors' 6.89 million. The firm holds a
5.7 per cent market share in Europe, 15.2 per cent in
the US, and 40 per cent in the Japanese market.
The Japanese company seems set emerge as the world's biggest
car maker, taking the top slot from General Motors in
the very near future. Detroit-based General Motors has
held the top position in the global auto market for 80
years, but a slowing US economy, and consumer preferences
for more fuel-efficient cars is driving customers to the
Japanese car maker
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