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Toyota releases record earnings
http://www.sina.com.cn 2003/05/09 11:27  Shanghai Daily

  Toyota Motor Corp's profits surged 53 percent to a record high in the just-ended fiscal year as Japan's biggest automaker boosted sales in the United States while dominating the market at home.

  Toyota'ssgroupsprofits totaled 944.6 billion yen (US.1 billion) for the fiscal year ended on March 31, up from 615.8 billion yen a year ago, the firm said yesterday.

  Sales edged up 6 percent year on year to 16.05 trillion yen from 15.1 trillion yen.

  Both were record highs for the manufacturer and a record for the third-straight year.

  Cost reduction efforts added 300 billion yen, while a favorable exchange rate added 60 billion yen, Toyota said.

  Analysts say the future for Toyota depends on how the overall auto market holds up, especially in North America, //where// it makes more than half its profits.

  Fears are growing US demand will taper off because automakers have been piling up incentives to keep sales going.

  Toyota's domestic vehicle production totaled 3.51 million in fiscal 2002, up 4.5 percent from a year ago, while overseas production jumped 20.8 percent to 2.22 million vehicles from 1.83 million.

  Around the world, Toyota sold 6.25 million vehicles, up 8 percent from 5.78 million a year ago.




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