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Toyota quarterly profit more than doubles to 314 billion yen ($3.2 billion) on yen, cost cuts

Toyota's January-March profit more than doubled to 313.9 billion yen ($3.2 billion) as cost cuts and better sales worked with a weakening yen to add momentum to the automaker's comeback.

Toyota Motor Corp. reported a 121 billion yen profit for the same quarter the previous year.

The world's top-selling automaker said Wednesday it expects the strong results to continue into the fiscal year through March 2014. It projected a 1.37 trillion yen ($13.8 billion) profit, up from 962 billion yen in the previous year.

A recent plunge in the yen, brought about by the economic and monetary policies of Prime Minister Shinzo Abe who took office late last year, is a boon for Japanese exporters such as Toyota.

But Toyota President Akio Toyoda warned competition remains tough.