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Tuesday, 11th May 2010
In Business In Japan,

Toyota posts annual profit

Japanese car manufacturer Toyota has posted a profit of $2.2 billion (£1.4 billion) for the financial year which ended in March.

Following a scandal which saw company firm forced to recall millions of cars worldwide over safety faults, the firm is now strongly back into the black. As well as the profit boost, the firm forecast that its profits this year could rise by as much as 48 per cent.

Earlier this year, problems with faulty accelerators in US cars and other global issues led to a worldwide car recall which also saw the firm's chief executive officer called to speak before US Congress to explain the problems.

As a result, sales in North America fell by almost nine per cent in the last financial year, Toyota said.

Toyota is the world's largest auto maker and also manufactures the Prius hybrid, which has been the top selling car in Japan for months.

Written by Mark Smith.

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