Toyota posts record full-year profit but warns of slowdown in the year ahead
Tokyo — Japanese car giant Toyota reported a record full-year net profit on Wednesday, thanks to a weaker yen and US tax cuts. However, it warned about the outlook for the next 12 months. Toyota shares jumped 3.8% in Tokyo trading to ¥7,424, their highest level in three months. Wednesday’s gain also brought the stock into positive territory for the year. The country’s top car maker said net profit jumped 36.2% to ¥2.49-trillion ($23bn) in April-March, but for the current year it expects that to fall 15% to ¥2.12-trillion. It said sales rose 6.5% to a record ¥29.3-trillion despite a 0.1% decline in vehicle sales by unit. Operating profit surged 20.3%, which it said was mainly due to the cheaper yen and cost-cutting. Toyota officials have said the profits were also the result of other factors, including US tax cuts. "As for the future automotive market, developed countries are expected to remain steady while emerging countries are expected to expand gradually," it said. It said the au...
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