Toyota profit up on cheap yen, forecasts raised

Associated Press

3:22 pm | Friday, August 2nd, 2013

AP FILE PHOTO

TOKYO — Toyota nearly doubled its April-June profit from a year ago to 562.1 billion yen ($5.5 billion), getting a big boost from a cheap yen.

Toyota Motor Corporation also raised its fiscal year forecasts Friday from earlier projections to 1.48 trillion yen ($14.8 billion), up nearly 54 percent from what it had earned the previous year.

Quarterly sales jumped 14 percent for the maker of the Prius hybrid and Camry sedan to 6.25 trillion yen ($62.6 billion).

Toyota marked strong sales in the key U.S. market while growing in some emerging markets. It lagged in stagnant Japan and Europe.

Toyota, the world’s top automaker in global vehicle sales, gained 260 billion yen ($2.6 billion) from a favorable exchange rate in the fiscal first quarter.

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