Business

Toyota fourth quarter operating profit nearly doubles from year-ago

Toyota Motor Corp reported on Wednesday its fourth-quarter operating profit jumped 92per cent, nearly doubling since last year as it shrugged off chip-supply issues and as its sales recovered from the impact of the coronavirus pandemic.

FILE PHOTO: The Toyota logo is seen at its booth during a media day for the Auto Shanghai show
FILE PHOTO: The Toyota logo is seen at its booth during a media day for the Auto Shanghai show in Shanghai, China, April 19, 2021. REUTERS/Aly Song

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TOKYO: Toyota Motor Corp reported on Wednesday its fourth-quarter operating profit jumped 92per cent, nearly doubling since last year as it shrugged off chip-supply issues and as its sales recovered from the impact of the coronavirus pandemic.

Japan's biggest automaker posted an operating profit of 689.8 billion yen (US$6.34 billion) in the January-March quarter, beating an estimate of 641.5 billion yen from 10 analysts compiled by Refinitiv. The profit was 369.9 billion yen in the same period a year earlier.

(Reporting by Eimi Yamamitsu; Editing by Muralikumar Anantharaman and Tom Hogue)

Source: Reuters