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Japanese car giant Toyota reported a record full-year net profit Wednesday thanks to a weaker yen and US tax cuts, but warned about the outlook for the next 12 months.
The country’s top carmaker said net profit jumped 36.2 percent to 2.49 trillion yen ($23 billion) in April-March, but for the current year it expects that to fall 15 percent to 2.12 trillion yen.
It said sales rose 6.5 percent to a record 29.3 trillion yen despite a 0.1 percent decline in vehicle sales by unit.
Operating profit surged 20.3 percent, ‘mainly due to the effects of’ a cheaper yen and ‘cost reduction efforts’, it said in a statement.
Toyota officials have said the profits were also the result of other factors, including US tax cuts.
‘As for the future automotive market, developed countries are expected to remain steady while emerging countries are expected to expand gradually,’ it said.
It said the auto industry was facing a moment of ‘profound transformation’ because of ‘increasing serious environmental issues and other social challenges, (and) technological innovation such as automated driving’.
It expects a stronger yen for the current fiscal year, with sales forecast to slip 1.3 percent to 29 trillion yen.