Toyota profit record
Their profit in 2013 has more than doubled compared to the same period last year , to $ 17.8 billion , due to weak yen and cost-cutting process .
Japanese automakers – Toyota today announced earnings of fiscal 2013 , ending in late March . Accordingly , the company’s revenue increased 16 % to more than $ 250 billion , thanks to the growth of the market U.S. , Europe , Japan and some Asian countries . Toyota is the first automaker in the world sold over 10 million units in a year , with a total of 10.13 last year .
Profits more than doubled over the same period last year , to 1,820 billion yen ( $ 17.8 billion ) , due to weak yen and cost-cutting process . However, this figure is still lower than analysts’ predictions of 1,900 billion yen .
The Japanese exporters have benefited greatly from the decline in the yen , which led to skyrocketing rates when the transfer of profits . Since early last year , the yen has depreciated 18 % against the U.S. dollar by the strong expansionary policy of the Government of Japan .
However, Toyota also predicted lower profits for this financial year to 1,780 billion yen . The company said sales in Japan may fall this year , to 1.45 million units from 1.65 million last year .
Analysts also very cautious about the prospects of the Japanese automaker this year , mainly due to the decision to raise its consumption tax from the beginning of April . Accordingly , the tax rate was raised from 5 % to 8 % currently at .