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The Journal Gazette

Friday, November 08, 2019 1:00 am

Toyota profits up 1% in quarter

YURI KAGEYAMA | Associated Press

TOKYO – Japan's top automaker Toyota said Thursday its net profit edged 1% higher in July-September as vehicle sales grew around the world.

Toyota Motor Corp.'s profit for the second fiscal quarter totaled $5.4 billion, up from 585 billion yen last year.

Toyota, which makes the Prius hybrid, Corolla subcompact and Lexus luxury models, stuck to its net profit forecast for the fiscal year through March 2020, at $20 billion. That would be an improvement over the 1.88 trillion yen earned in the year ended in March.

Vehicle sales for the latest quarter grew both in Japan and overseas, including in the U.S., the rest of Asia and Europe.

Quarterly sales rose 4% to $70 billion, compared to the previous year.

Toyota said it expects to sell 10.7 million vehicles globally for the fiscal year through March 2020, up from 10.6 million vehicles the previous fiscal year.

Like most Japanese exporters, Toyota has been hurt by a strengthening yen. But the results show Toyota is holding up despite such negatives.