Toyota posts large profit increase

Toyota has posted a large gain in full-year profit, and says it's on track to post another impressive result for the current financial year.

Toyota said its full-year net profit more than tripled in FY2012 to $9.57 billion and the figure was expected to grow 42 per cent this year, as the world's largest auto maker recovers from a downturn.

 

For the current financial year Toyota said it was aiming to sell a record 9.1 million vehicles and post a net profit of $13.6bn, close to the all time high of $16.9bn achieved in March 2008.

 

The strong profit signals a change in fortunes for the company after it struggled with the 2011 natural disasters in Japan, flooding at its facilities in Thailand, and a massive recall.

 

The Global Financial Crisis and a previously strong currency also weighed on its performance.

 

At a press conference Toyota president Akio Toyoda said many of the company's problems had been compounded by attempts to grow too quickly, and new measures had been introduced to cut costs and improve productivity.

 

“Has Toyota really learned its lessons and been reborn? We will only know the answer when such events actually happen again,” he said.

 

Toyota said the Japanese Government's efforts to depreciate the value of the Yen had also helped boost the bottom line.