Toyota quarterly profit surges on yen depreciation

MarketWatch.com - MarketPulse LOS ANGELES (MarketWatch) -- Toyota Motor Corp. on Tuesday said third-quarter net profit was ¥525.46 billion ($5.21 billion), a jump from ¥99.91 billion in the same quarter of last year, aided by weakness in the Japanese yen. Total revenue at Toyota for the quarter was ¥6.585 trillion, up from ¥5.318 trillion a year ago. The auto maker also increased its forecast for operating income and net income to ¥2.4 trillion and ¥1.90 trillion yen, respectively, for the fiscal year ending March 31, citing improvement in cost reduction and marketing efforts, as well as its projection of yen depreciation. The yearly forecast is based on an exchange rate of ¥100 to the U.S. dollar, and ¥134 to the euro, said Toyota. Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.