Toyota’s profit fell 18% despite record sales
[ad_1]
Toyota Motor net profit for the first nine months of fiscal year 2023 (April-December 2022) amounted to 1.9 trillion yen ($14.5 billion), which is 18% worse than the figure for the same period in fiscal 2022.
Sales revenue of the Japanese concern grew by the same 18% and reached a record 27.46 trillion yen ($207.2 billion) for the nine-month period. In total, the company managed to sell about 6.5 million vehicles during the reporting period, which is 6.5% more than last year.
The drop in net income is due to higher production costs and supply chain disruptions that plagued Toyota throughout 2022. Earnings could have been even lower were it not for the fall of the yen last year to a 32-year low, which helped the company increase revenue in foreign markets, the report says.
According to the results of the third quarter of the fiscal year (October-December 2022), Toyota’s net profit fell by 8%, to 757.9 billion yen ($5.5 billion), with revenue growth of 25.3%, to 9.75 trillion yen ( $73.6 billion).
[ad_2]
Source link
