Toyota Motor Corp. said Wednesday its operating profit for the year ended March almost doubled from a year earlier to 5.35 trillion yen, becoming the first Japanese company to top the 5 trillion yen mark thanks to robust post-pandemic demand and a weaker yen.

Its net profit for fiscal 2023 doubled to a record 4.94 trillion yen on its highest-ever sales of 45.1 trillion yen, up 21.4 percent, the automaker said.

Groups vehicle sales, including those of its subsidiaries Daihatsu Motor Co. and Hino Motors Ltd., rose 5.0 percent to 11.09 million units on the back of the popularity of hybrid cars.

The automaker also benefited from the yen's depreciation, boosting its operating profit by 685 billion yen, it said.

For the current business year ending March next year, the company projects net profit to fall 27.8 percent from the previous year to 3.57 trillion yen while sales are expected to climb 2.0 percent to 46 trillion yen.

The automaker group plans to sell 10.95 million vehicles worldwide for the year, down 1.3 percent from the previous year, it said.

==Kyodo

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