Toyota records 5% revenue growth in 2010

JAKARTA: Toyota Motor Corporation (TMC), the world biggest automaker, today announced 14.351 trillion yen net revenues for the nine-month period, an increase of 5% compared to the same period last fiscal year. Operating income soared from 52.2 billion yen to 422.1 billion yen, while income before income taxes and equity in earnings of affiliated companies was 521.7 billion yen. Net income*increased from 97.2 billion yen to 382.7 billion yen.As quoted from its official website, the surge of the operating income was backed by the large increase in vehicle sales in emerging markets and cost reduction including company-wide VA activities."Strong vehicle sales, especially in emerging markets such as Asia, Central and South America, and Africa, contributed to the increase in operating income in the nine-month period. These regions are now increasingly representing one of the pillars supporting our earnings," said TMC Senior Managing Director Takahiko Ijichi.Consolidated vehicle sales for the nine months amounted to 5.517 million units, an increase of 322 thousand units compared to the same period last fiscal year.In Japan, operating loss improved by 49.3 billion yen, to a loss of 174.4 billion yen, while in North America, operating income rose by 144.5 billion yen to 251.1 billion yen, including 14.3 billion yen of valuation gains/losses on interest rate swaps. Operating income, excluding the impact of valuation gains/losses on interest rate swaps, increased by 155.1 billion yen to 236.8 billion yen.In Europe, operating loss improved by 33.3 billion yen, to a loss of 6.7 billion yen and operating income in Asia increased by 100.2 billion yen, to 232.8 billion yen. In Central and South America, Oceania and Africa, operating income surged by 37.2 billion yen to 117.2 billion yen.Speaking on the forecast for FY2011, Ijichi said that the company expects to overcome the rapid and acute yen appreciation as well as to achieve substantial increase in the operating income that leads to earnings recovery. (T02/NOM)