6 Aug 2012

Record quarterly profit for Toyota

12:44 pm on 6 August 2012

Toyota made a record profit for the three months between April and June due to strong sales in Japan and the United States.

Net profit was 290 billion yen ($US3.7 billion) in the April to June period, up from 1.1 billion yen a year earlier.

Vehicle sales plunged in the same period last year, after it had to suspend production due to the earthquake and tsunami in Japan.

Toyota said its sales in Japan rose by 81.6% compared with a year earlier. Revenues in North America rose by 86.6%.

The company kept its forecast for annual net profit unchanged at 760 billion yen.

Government incentives were one of the key factors behind the increase in sales in Japan: the

overnment has reintroduced a subsidy of up to 100,000 yen per car on eco-friendly vehicles.

However, the BBC reports the scheme has a limit of 300 billion yen and will expire once that amount is reached.