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14.05 - 10:23
Japan's Toyota says profit soared in Jan-March amid pandemic
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TOKYO – Toyota reported Wednesday its profit more than doubled in January-March from a year earlier to 777 billion yen ($7 billion), as the Japanese automaker’s sales recovered from the pandemic.
Toyota Motor Corp.'s profit in January-March 2020 was 327 billion yen. Quarterly sales rose 11% on year to nearly 7.7 trillion yen ($71 billion) from 6.9 trillion yen a year earlier, the company said.
The pandemic has dented sales and demand in many businesses, but Toyota has shown resilience while riding out a global shortage of semiconductors that’s slammed many automakers.
In the fiscal year that ended in March, Toyota’s profits rose 10% to 2.25 trillion yen ($20.6 billion) from 2.04 trillion yen the previous year.
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