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Wednesday, 9th February 2011
In Business In Japan,

Toyota reports profit increase

Japan-based automaker Toyota has announced that its profit for the nine months to December has increased significantly.

The company revealed that its net profit almost quadrupled despite the strong yen and a number of forced safety recalls of vehicles worldwide.

Net profit for the nine months to December rose by 293.7 per cent to total 382.7 billion yen, prompting Toyota to revise its forecast for the year to a total of 490 billion yen - up from 350 billion yen.

"I think half of the wounds (from the recalls) have been healed," explained senior managing director Takahiko Ijichi.

"We are achieving large profit gains and are on a steady recovery path by more than offsetting the negative effects of the rapid rise of the yen," he said.

At the start of the year, Toyota revealed worldwide sales of 8.42 million vehicles in 2010 - making it the world's largest carmaker.

Meanwhile, the Honda Fit overtook sales of Toyota's Prius petrol-electric hybrid to become Japan's top-selling car last month.

Written by Mark Smith

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