Toyota Motor Corp announced on Wednesday that it achieved a record net profit of 4.94 trillion yen ($31.82 billion) for the fiscal year of 2023, attributing this to strong demand and the depreciation of the yen.
This figure represents a doubling from the previous fiscal year, while the operating profit nearly doubled from a year earlier to 5.35 trillion yen during the fiscal period from April 2023 to March 2024, according to the company’s latest financial results.
Local media reports indicate that Toyota became the first Japanese company to exceed the 5-trillion-yen mark in operating profit for fiscal 2023.
The Japanese automaker reported a record 45.1 trillion yen in sales, an increase of 21.4% from a year ago.
Citing the popularity of hybrid cars, the company stated that its group vehicle sales, which include those of its subsidiaries Daihatsu Motor Co and Hino Motors Ltd, rose by 5.0% to 11.09 million units.
Toyota anticipates its net profit to decline by 27.8% to 3.57 trillion yen for the current fiscal year ending next March, alongside a 2% rise in sales.
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