TOKYO: Japanese automobile giant Toyota Motor Corp. on Wednesday reported a group operating profit of 2,995,697 million yen for fiscal 2021, up 36.3 percent from the previous year.

While simple comparisons with past figures are not possible due to a change in the company’s accounting standards, the operating profit for the year through this March was highest on record, exceeding the previous best of 2,853.9 billion yen in fiscal 2015.

The rosy result was due to a recovery in vehicle sales, which had suffered a blow from the COVID-19 pandemic, as well as the weakening of the yen.

Net profit rose 26.9 percent to 2,850,110 million yen, on sales of 31,379,507 million yen, up 15.3 percent. Both hit record highs.

Executive Vice President Kenta Kon told an online press conference that Toyota has been improving its corporate structure while it was hit by high materials prices and the spread of the omicron coronavirus variant.

Global vehicle sales at the Toyota group, including subsidiaries Daihatsu Motor Co. and Hino Motors Ltd., rose 4.7 percent to 10.38 million units thanks to robust sales overseas, especially in North America.

The group’s global sales topped 10 million units for the first time in two years.

Toyota said it projects consolidated sales of 33 trillion yen for the current year, up 5.2 percent.

But operating profit is seen falling 19.9 percent to 2.4 trillion yen. Net profit is projected at 2.26 trillion yen, down 20.7 percent.

Rising materials prices are expected to erode the profits, according to Toyota.

JIJI Press