Japanese car giant Toyota on Friday posted a record first-quarter net profit, but left its full-year forecast unchanged amid concerns over global trade frictions.
The firm said profit rose 7.2 percent to 657.3 billion yen ($5.9 billion) in April-June, its highest-ever first quarter result.
Operating profit jumped 18.9 percent to 682.7 billion yen, with sales up 4.5 percent at 7.4 trillion yen.
‘Compared to its domestic rivals, Toyota has been relatively competitive,’ Satoru Takada, an analyst at TIW, a Tokyo-based research and consulting firm, told AFP.
‘The firm performed strongly in North America and its sales in China are steady.’
Toyota maintained its forecast that for the fiscal year to March 2019, net profit would fall 15 percent.
Analysts say that potential US tariffs continue to be a concern for Japanese carmakers.
‘US tariffs will be a major risk for the Japanese auto industry. If tariffs are imposed, it will deal a big blow to Japanese carmakers,’ said Takada.