OREANDA-NEWS. August 07, 2012. Toyota Motor Corporation (TMC) announced financial results for the first quarter ended June 30, 2012, reported the press-centre of Toyota Motor. 

On a consolidated basis, net revenues for the first quarter totaled 5,501.5 billion yen, an increase of 59.9 percent compared to the same period last fiscal year.  Operating income increased from a loss of 108.0 billion yen to 353.1 billion yen, while income before income taxes* was 415.2 billion yen.  Net income** increased from 1.1 billion yen to 290.3 billion yen.

Operating income increased by 461.1 billion yen.  Major factors contributing to the increase include the positive effects from marketing activities of 440.0 billion yen and cost reduction efforts of 70.0 billion yen, and negative effects from currency fluctuations of 40.0 billion yen.

Consolidated vehicle sales for the first quarter totaled 2,269 thousand units, an increase of 1,048 thousand units compared to the same period last fiscal year.

Commenting on the results, TMC Senior Managing Officer Takahiko Ijichi said: "In all regions, vehicle sales increased significantly due to strong recovery of demand which had suffered last year from the lack of supply caused by the Great East Japan Earthquake.  Despite the Yen's appreciation, operating income increased substantially thanks to increased vehicle sales and cost reduction efforts including our company-wide VA activities."

In Japan, vehicle sales totaled 577 thousand units, an increase of 285 thousand units compared to the same period last fiscal year.  The operating income from Japanese operations increased by 313.7 billion yen to 107.1 billion yen.

In North America, vehicle sales totaled 663 thousand units, an increase of 387 thousand units compared to the same period last fiscal year.  Operating income increased by 88.6 billion yen to 117.6 billion yen, including 22.0 billion yen of valuation gains/losses on interest rate swaps.  Operating income, excluding the impact of valuation gains/losses on interest rate swaps, increased by 62.8 billion yen to 95.6 billion yen.

In Europe, vehicle sales totaled 209 thousand units, an increase of 35 thousand units, while operating income increased by 10.9 billion yen to 3.4 billion yen.

In Asia, vehicle sales totaled 418 thousand units, an increase of 159 thousand units, while operating income increased by 41.4 billion yen to 101.5 billion yen.

In Central and South America, Oceania and Africa, vehicle sales totaled 402 thousand units, an increase of 182 thousand units, while operating income increased by 6.1 billion yen to 27.1 billion yen.

In the financial services segment, operating income decreased by 7.8 billion yen to 86.7 billion yen compared to the same period last fiscal year, including 16.5 billion yen of valuation gains/losses on interest rate swaps.  Excluding valuation gains/losses, operating income decreased by 26.7 billion yen to 70.1 billion yen.  This was mainly due to reduced reversal of provisions for loan and residual losses in comparison to the same period last year.

TMC estimates that consolidated vehicles sales for the fiscal year ending March 31, 2013 will be 8.8 million units, an increase of 100 thousand units from TMC's forecasts announced in May 2012, due to increased sales volume such as in Japan and North America.

TMC also forecasts consolidated net revenue of 22 trillion yen, operating income of 1 trillion yen and net income of 760.0 billion yen for the fiscal year ending March 31, 2013 which are same as TMC's forecasts announced in May 2012, with the revision of an exchange rate of 80 yen to the U.S. dollar and 101 yen to the euro.

Commenting on the forecasts for FY2013, Ijichi said: "Although we expect further marketing efforts and further cost reduction efforts in collaboration with our suppliers, we maintain our operating income forecast of 1 trillion yen.  This is because we assume negative FOREX impact mainly resulting from weakness of the euro and a risk of deterioration of market environments."

*Income before income taxes and equity in earnings of affiliated companies
**Net income attributable to Toyota Motor Corporation.