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Toyota announces financial results

Toyota Motor Corporation (TMC) has posted record results for the third year in a row, with consolidated annual profit exceeding £5bn, an increase of 7.3%, with new car sales reaching 7.4m in the year ending March 31.

Operating profit increased by 0.3% over the previous year to 1.67 trillion yen (£8.4bn).

Net income increased 0.8% 1.17 trillion yen (£5.9bn), representing the second consecutive year in which net income exceeded one trillion yen.

TMC president Fujio Cho, says: "We are proud the company achieved increases both in revenue and income while continuing to make major investments in our long-term growth.”

The company also announced its forecast for the fiscal year ending March 31, 2006. Based on an exchange rate of 105 yen to the U.S. dollar and 135 yen to the euro, TMC forecasts unconsolidated net sales of 9.4 trillion yen (£47bn), ordinary income of 770 billion yen (£3.9bn) and net income of 500 billion yen (£2.5bn).

TMC also estimated that consolidated vehicle sales for the fiscal year ending March 31, 2006 will be 7.85 million vehicles.

"We hope to maintain a similar level of profit as fiscal year 2005 excluding foreign currency impact through improved sales efforts and cost reduction. By strengthening Toyota's global competitiveness, we aim to establish a profit structure which is well balanced, positioning us for long-term growth,” says Cho.

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