Toyota reports record ¥2.9 tril. operating profit for FY21

Yomiuri Shimbun file photo
Toyota Motor Corp. head office

TOKYO (Jiji Press) — Automobile giant Toyota Motor Corp. on Wednesday reported a group operating profit of ¥2,995,697 million for fiscal 2021, up 36.3 percent from the previous year.

While a simple comparison with past records is not possible due to a change in the company’s accounting standards, the operating profit for the year through this March marked a record high, exceeding the previous record of ¥2,853.9 billion in fiscal 2015.

The rosy result was due to a recovery in automobile sales, which had suffered a major blow from the COVID-19 pandemic, as well as the weakening of the yen.

For fiscal 2021, net profit at the leading Japanese automaker rose 26.9 percent to ¥2,850,110 million, while sales went up 15.3 percent to ¥31,379,507 million, with both figures rewriting record highs.

Global vehicle sales at the Toyota group, including subsidiaries Daihatsu Motor Co. and Hino Motors Ltd., came to 10.38 million units, up 4.7 percent, thanks to robust sales overseas, especially in North America.

Toyota said it projects consolidated sales of ¥33 trillion for the current year through March 2023, up 5.2 percent, and an operating profit of ¥2.4 trillion, down 19.9 percent.