Toyota Recovers From a Slump to Report a $2.2 Billion Profit

Despite a strong yen and the lingering fallout from recalls, the automaker Toyota said Wednesday that it had returned to a profit in the April-to-June quarter because of strong sales in emerging markets and aggressive cost-cutting.

Toyota’s net quarterly profit of 190.4 billion yen, or $2.2 billion, was a sharp reversal from a loss of 77.8 billion yen in the period a year ago. The automaker continued to recover from a slump brought on by a global recession and a series of recalls over faulty pedals and inquiries into its safety record.

The company, based in Toyota City, Japan, raised its net profit outlook for the year ending in March 2011 to 340 billion yen, from a 310 billion yen forecast earlier this year, citing a recovery in sales and progress in cost-cutting efforts.

Read Full Article from New York Times

- Posted: 2010-08-04 21:32:21

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