Toyota informed about 19% profit growth

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Toyota informed about 19% profit growth

August 03, 2018 - 15:51
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On Friday Toyota Motor Corp informed about profit growth by 19%, which is higher than was forecasted and the best quarterly profit in two and a half years, Reuters reports. Such result was reached due to sales gains and cost cuts in Asia.

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On Friday Toyota Motor Corp informed about profit growth by 19%, which is higher than was forecasted and the best quarterly profit in two and a half years, Reuters reports. Such result was reached due to sales gains and cost cuts in Asia.

Operational profit of largest auto producer in Japan in April-June was 683 billion yen ($6 billion).

Global sales grew 1% to 2,6 million cars, sales in Asia increased by 8,5%.

Demand for new model of Camry helped increasing sales in China by 5,4% and in Thailand by 26%. Sales results in these countries helped improve profitability in Asia by 40,2%. In North America sales rose 3,2%.

As of Japan, sales fell 6,3% there, however, profit grew by 24% due to lower costs and rising volumes of cars for export.

As other auto producers, Toyota is afraid of US import tariffs on cars. Currently the company produces only half of all cars in the US, another half is imported from Japan, Canada and Mexico.

 

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