Toyota reports 2008 financials, outlook for 2009
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Toyota motor corporation today announced it’s financials for the fiscal year ended March 31, 2008. Net revenue was up 9.8% compared to the last fiscal year and totaled 26.29 trillion yen. Operating income was also up 1.4% to 2.27 trillion yen. Income before income tax, minority interest and equity in earnings of affiliated companies was 2.44 trillion yen. Net income increased 4.5 percent to 1.72 trillion yen.
Key points highlighted by President Katsuaki Watanabe were
- All of these figures marked record revenues and profit for Toyota.
- “First, our profit structure has become more geographically balanced, with growing contribution from resource-rich countries and emerging countries.“
- “Second, net income has steadily increased due to the growth of operating profit from global operations and equity in earnings of affiliated companies.”
- Growth of equity in earnings has been particularly strong and has more than doubled over the last four years, mainly due to the rapid growth of Chinese” operations.
Toyota provided lowered outlook for FY09 citing tough business environment, a difficult auto market in the US and it’s home country Japan and currency fluctuations particularly with respect to the value of the Japanese yen, the U.S. dollar, the Euro, the Australian dollar, the Canadian dollar and the British pound. Toyota expects Net income for FY09 to be down 27.3% to 1.25 trillion yen.
Toyota Motor Sales USA also reported auto sales numbers for April with sales down 4.5% compared to April 07. With rising costs of gasoline, more consumers are flocking to smaller and more energy efficient cars. The Prius hybrid gas-electric mid-size sedan posted best-ever April sales of 21,757 units, an increase of 53.8 percent over last April. Yaris reported best-ever April sales of 11,434 units, up 45.9 percent over the year-ago month.
