Despite the mild decrease registered for the seventh month of the year, Japanese manufacturer Toyota reported its best operating profit in two years on Wednesday, beating market estimates, and lifted its cautious forecasts despite a sluggish US recovery and a stronger yen.
The world's biggest automaker reported a 27 percent increase in net revenues for the first quarter of the fiscal year which started on April 1.
Toyota managed to achieve net revenues of 4,871.8 billion yen ($56.9 billion), while the operating income increased from a loss of 194.9 billion yen ($2.2 billion) to 211.6 billion yen ($2.4 billion). North America, the carmaker's largest market, accounted for an operating income of 109.7 billion ($1.2 billion). Europe managed to cut back on its operating loss, which is now only 6.8 billion yen ($79.5 million), while Japan reduced the loss to 27.5 billion yen ($321 million).
"Due to an increase in vehicle sales and a large decrease in the costs related to loan losses and residual losses in Financial Services, operating income improved substantially on last year," Takahiko Ijichi, Toyota's managing director said in a statement.
In the coming quarters, the carmaker is expected to sale 90,000 vehicles, from 7.29 million to 7.38 million units. The consolidated financial forecasts for fiscal year 2011 have been increased to 19.5 trillion yen ($228 billion) and a net income of 340 billion yen ($3.9 billion).
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