DETROIT -- Toyota Motor Corp.'s U.S. credit arm on Monday said it will restate its financial results for the past three fiscal years, which will result in an increase in net financing revenues and net income.
Toyota Motor Credit Corp. said that, because some direct costs and fees were expensed when incurred rather than amortized over the life of the related contracts, it will restate its results for the three fiscal years ended March 31, 2004.
The company, a unit of the world's second-largest and most profitable automaker, said it could not yet assess the exact impact of the restatement on its financial results.
