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Toyota reports profit surge

Toyota announced today that operating profit for the first half of the year rose 35% to 506.6 billion yen (£2.9 billion). Net profit was up 82%, to 291.11 billion yen (£1.7 billion).

It looks on track to earn a profit from continuing operations of more than 1 trillion yen this financial year.

Part of its good results stemmed from a weaker yen. Now trading at 121.01 to the dollar, boosting exporters' profits.

The carmaker said it expects its European operations will break into the black in the 2004 financial year.

Ryuji Araki, a Toyota executive vice president, said that losses in Europe had widened a little in the first half of the year, due to start-up costs at a factory in France.

  • Honda Motor Company also posted strong first-half results, earning an operating profit of 315.2 billion yen (£1.8 billion), up 57%. Net profit rose 43% to 137.7 billion yen (£782m).
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