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Toyota Q1 net profit up 11%

05:26 AM August 05, 2017

TOKYO—Toyota said Friday its fiscal first quarter net profit jumped 11 percent to $5.6 billion with vehicle sales up in Japan and the United States, while it also lifted its annual earnings forecast.

The Corolla and Prius hybrid maker posted a net profit of 613 billion yen ($5.6 billion) in the three months to June as revenue rose 7.0 percent to 7.05 trillion yen.

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Operating profit, however, fell nearly 11 percent to 574.3 billion yen, partly owing to currency fluctuations, it said.

Toyota, which lost its crown as the world’s top-selling automaker in 2016, now expects profit for the year to March 2018 to come in at 1.75 trillion yen, up from an earlier 1.5 trillion yen forecast. —AFP

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