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World

Toyota quarterly profit rises 13.5 percent to $5 billion on strong sales, cost cuts, cheap yen

Associated Press
Published | Updated

TOKYO – Toyota Motor Corp. reported a 13.5 percent increase in quarterly profit due to strong sales, cost cuts and a favorable exchange rate.

Toyota reported Thursday a July-September profit of 611.7 billion yen ($5.0 billion), up from 539 billion yen the previous year, and a tad short of the forecast by FactSet at nearly 615 billion yen ($5.1 billion).

Sales for the fiscal second quarter rose 8 percent to 7.1 trillion yen ($58.5 billion).

Toyota, which makes the Prius hybrid, Camry sedan and Lexus luxury model, kept its full year profit forecast through March 2016, unchanged at 2.25 trillion yen ($18.5 billion).

Toyota has been the world's top automaker in terms of global vehicle sales for the last three years, and may keep that crown for this year.