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World

Toyota's quarterly profit climbs on weak yen, solid sales, raises annual forecasts

Associated Press
Published | Updated

TOKYO – Toyota says its quarterly profit rose more than fivefold and has raised its earnings forecast.

The Japanese automaker said Tuesday it benefited in the October-December quarter from a weak yen and solid global sales.

Toyota Motor Corp. reported a 525.4 billion yen ($5.2 billion) profit, up dramatically from 99.9 billion yen a year earlier.

Quarterly sales jumped 24 percent to 6.585 trillion yen ($64.2 billion).

The world's top selling automaker raised its profit and sales forecasts for the fiscal year ending March.

The maker of the Prius hybrid and the Camry sedan now projects a fiscal year profit of 1.9 trillion yen ($18.8 billion). Its previous forecast was 1.67 trillion yen ($16.5 billion) profit.