Toyota produced a profit bump in its fourth quarter, which ended March 31, as it benefitted from improved chip supplies, though annual results were down as it grappled with supply costs.
The Japanese carmaker boosted sales for the quarter to 8.8 million, up by nearly 600,000 units year-over-year. Its net revenue consequently surged more than 18% to $275.2 billion for a 3% net profit gain of $4 billion.
For its fiscal year, profit decreased 14% to $18 billion as it grappled with what it characterized as “soaring” material costs. But it said cost-cutting and marketing efforts helped it offset that impact.
Toyota’s forecast for the current fiscal year foresees continued improvement to sales of 9.6 million units and $20.6 billion in profit.
