Toyota sees profits soar

WEDNESDAY, NOV. 7: Toyota announced it has tripled its global net earnings to $3.2 billion for the past quarter compared to the same period last year.

And the company also says its profit rose 572 per cent for the same period, helped by excellent sales figures in the US, as reported by usatoday.com.

The massive rise in net income arrives on the back of a 36.1-per-cent increase in revenue to $135 billion.

The company said the reason for its improved showing was a cost-reduction effort, helped by a stronger yen.

In a statement, Satoshi Ozawa, executive vice president of Toyota Motor, said: “We have seen a significant increase in production in all regions compared to the same period last year when we suffered parts-supply shortage.”

The shortage, he said, was due to the giant earthquake and tsunami that struck Japan two years ago.