Toyota’s operating profit increased 11%
Good news for the world biggest car manufacturer as their operating profit increased 11% in the latest quarter. This good news comes as Toyota tapped growing demand for light trucks and cranked up cost cutting. Operating profit rose to USD5.09 billion in the automaker’s fiscal second quarter ended Sept. 30, while net income grew 28% to USD5.15 billion. Revenue advanced 2.3% to USD64.3 billion.
Global retail sales edged ahead 1.9% to 2.68 million vehicles in the July-September period, including results from its Daihatsu small-car subsidiary and truck-making affiliate Hino. Worldwide wholesale volume added just 0.4% to 2.18 million.
In announcing the earnings results on Tuesday, Senior Managing Director Masayoshi Shirayanagi partly credited big gains from a richer mix of more profitable models as Toyota concentrates on the booming global demand for crossovers, SUVs and other light trucks.
Profits also ticked higher as the maker of the Camry sedan and RAV4 compact crossover reigned in incentives and lifted pricing power thanks to a new round of vehicles riding on the company’s modular platform, dubbed the Toyota New Global Architecture.
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