TOKYO -- Toyota Motor Corp. racked up strong profits in the quarter ended Dec. 31, 2005, thanks to a favorable exchange rate and higher sales in North America.
Operating profits rose 14.0 percent to ¥482.21 billion, or $4.08 billion at current exchange rates, in the three months to Dec. 31. Net income rose 34.1 percent compared with the year-earlier period to $3.37 billion.
Revenues rose 14.8 percent to $45.17 billion as unit sales grew 7.6 percent to 1,980,000. The sales growth came in North America, Asia and the other markets in Africa and Central and South America. Sales fell in Japan and Europe.
Operating profits jumped by $502.2 million compared with a year earlier. Of that, currency gains added $1.10 billion.
North American operating profits were flat in the quarter at $1.08 billion, even though unit sales jumped 11.6 percent to 643,000. The North American result excluded profits on vehicles exported from Japan, which are booked as Japanese profits.
European operating profits edged up 0.4 percent to $225.8 million, even as unit sales eased 1.2 percent to 246,000. Profits rose as Toyota spent less in Europe after hefty outlays in recent quarters to expand capacity in England and for a re-engineered Yaris at its plant in France.
Japanese operating profits rose 18.4 percent to $2.38 billion on strong exports. Unit sales in Japan slipped 0.3 percent to 571,000, but output jumped 5.6 percent to 1,177,000 cars and trucks. The increase was all for exports.
Yen amounts were converted at an exchange rate of $1=¥118.07, the rate prevailing on Dec. 31, 2005.
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