Toyota reports record quarterly profit, boosted by a weak yen and despite a certification scandal
Toyota says its April-June profit rose 1.7%, boosted by a favorable exchange rate, as vehicle sales grew around the world despite a certification scandal that halted production in Japan for several months
By YURI KAGEYAMA
Published - Aug 01, 2024, 09:47 AM ET
Last Updated - Aug 01, 2024, 09:47 AM EDT
TOKYO (AP) — Toyota reported Thursday that its April-June profit rose 1.7%, boosted by a favorable exchange rate, as vehicle sales grew around the world despite a certification scandal that halted production in Japan for several months.
Fiscal first quarter profit at Japan’s top automaker rose to 1.33 trillion yen ($8.9 billion), a record profit for that period, from 1.31 trillion yen the same period a year ago.
Quarterly sales edged up 12% to 11.8 trillion yen ($79 billion).
A weak yen, which boosts the value of overseas profits for Japanese exporters, also helped. The U.S. dollar has been trading at above 160 yen in recent weeks, although it slid below 150 yen after the Bank of Japan raised a key interest rate.
