Toyota Profit Doubles As Production Recovers

Toyota Motor Corp. said its operating profit in three months ended June almost doubled from a year earlier to 1.12 trillion yen ($7.8 billion), a quarterly record for a Japanese company, Mainichi Shimbun reported.

Photo Insert: An easing in the global chip shortage also allowed pent-up demand to be satisfied, with its group-wide sales in the three-month period rising 8.1% to 2.75 million cars.

That represents a 93.7% increase from the April-June period last year. Its sales rose 24.2% to 10.5 trillion yen while its net profit jumped 78% to 1.31 trillion yen, both a record high for the fiscal first quarter.

The upbeat earnings results came as Toyota ramps up its production capacity across the globe to make up for lost opportunities during the coronavirus pandemic.

An easing in the global chip shortage also allowed pent-up demand to be satisfied, with its group-wide sales in the three-month period rising 8.1% to 2.75 million cars, the company said. Toyota also benefited from a weaker yen.

The Japanese currency fell about 8 yen against the US dollar during the year through June, according to Bank of Japan data, amid the widening interest rate differential between Japan and the US.

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