Toyota posts record sales, lower profits in FY2024
Toyota Motor announced record sales for the fiscal year ended in March, but profits fell on increased spending.
It also forecast a sharp drop in net income for the current fiscal year, partly due to the increase in US import tariffs.
Group sales rose 6.5 percent from the previous year to 48 trillion yen, or roughly 330 billion dollars.
Japan's largest automaker says high-end cars sold well and the weaker yen helped push up overall sales.
Net income fell 3.6 percent in yen terms to 33 billion dollars as operating profit dropped more than 10 percent. This is mainly due to investments in new technology and improving the working environment.
"We will keep increasing our earning power so we can flexibly deal with changes in the business environment," said Toyota Motor President Sato Koji.
For the current year, Toyota forecasts a 1 percent increase in sales. But it expects operating profit to fall 20.8 percent and net income to shrink 34.9 percent.
The company said fluctuations in foreign exchange rates, investment in cutting-edge technology and higher material costs will likely drag on profits.
Toyota estimates the effects of US tariffs for April and May alone will reduce operating profit by 180 billion yen, or about 1.25 billion dollars.
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