Toyota posts record figures for fiscal year

Toyota posts record figures for fiscal year

The world's second-largest carmaker Toyota Motor Corp. announced that it posted record annual sales and profits in contrast to US rivals General Motors and Ford. The company's net profit reached Yen 1.17 trillion ($11.2 billion) in the fiscal year ended March 31, 2005, up 0.8% from a year earlier. Operating profit rose 0.3% to Yen 1.67 trillion on sales of Yen 18.9 trillion, up 7.3%. Improved marketing activities and cost reductions offset the adverse impact of exchange rates and higher research and development and other costs. Toyota said that its global sales hit a record 7.4 million vehicles, up 10.3% and projected they will rise further to 7.85 million units. In Japan, company's sales rose 3.4% to 2.38 million vehicles due to the introduction of new models. Sales in the North American market also saw a rise 8% to 2.27 million units. In addition, sales in Europe rose 9% to 979'000 units. Sales in other regions including Asia, the Middle East and Oceania jumped 25.5% to 1.78 million vehicles. Many analysts are already saying the Japanese company could dislodge GM from the world number one slot, having already overtaken Ford for second.