This article is from the source 'bbc' and was first published or seen on . It last changed over 40 days ago and won't be checked again for changes.

You can find the current article at its original source at http://www.bbc.co.uk/news/business-33769423

The article has changed 3 times. There is an RSS feed of changes available.

Version 1 Version 2
Toyota's first quarter profit rises 10% Toyota's first quarter profit rises 10%
(about 3 hours later)
Japanese carmaker Toyota has reported a 10% increase in profits for the first quarter of its fiscal year, helped by the weak yen and cost cuts.Japanese carmaker Toyota has reported a 10% increase in profits for the first quarter of its fiscal year, helped by the weak yen and cost cuts.
For the period from April to June, the company said net income rose to 646.3bn yen (£3.34bn, $5,2bn) from 587.7bn yen a year earlier. For the period from April to June, net income rose to 646.3bn yen (£3.34bn; $5.2bn) from 587.7bn yen a year ago.
Toyota also raised its sales forecast slightly for the full fiscal year. The company also raised its full-year sales forecast to 8.95 million units from 8.9 million.
Last week it emerged that Toyota was overtaken by VW as the world's largest carmaker in the first half od the year. Last week, it emerged that Toyota was overtaken by VW as the world's largest carmaker in the first half of the year.
The relative weakness in the Japanese yen has helped to make Toyota more competitive abroad while inflating the value of its repatriated earnings from overseas.
However, Toyota - along with other carmakers - has also suffered from problems with airbags, made by supplier Takata, that were fitted in its cars.
Toyota and other Japanese car makers have had to recall millions of cars worldwide over the faulty airbags.
US recoveryUS recovery
Globally, Toyota sold 2.1 million vehicles during the quarter, about 127,000 fewer vehicles from a year earlier.
In a statement, Toyota managing officer Tetsuya Otake said: "Favourable foreign exchange rates and cost reduction efforts were main positive factors, while decreasing vehicle sales and increased expenses to support initiatives for enhancing competitiveness were negative factors."In a statement, Toyota managing officer Tetsuya Otake said: "Favourable foreign exchange rates and cost reduction efforts were main positive factors, while decreasing vehicle sales and increased expenses to support initiatives for enhancing competitiveness were negative factors."
Toyota's sales in Japan were slightly lower, but sales in North America rose while Europe remained almost flat.Toyota's sales in Japan were slightly lower, but sales in North America rose while Europe remained almost flat.
On the back of a weaker yen, Japanese car exports have benefitted from the US economy's recovery in the past months.On the back of a weaker yen, Japanese car exports have benefitted from the US economy's recovery in the past months.
In Europe, overall economic conditions also continued to recover though there still is concern over the impact of the Greek debt crisis. In Europe, economic conditions have improved overall despite the recent turmoil over the Greek debt crisis.
'Two-pronged approach''Two-pronged approach'
Sales in Asia, South America Africa and the Middle East saw the biggest falls, with emerging markets affected by a slowdown in economic growth.Sales in Asia, South America Africa and the Middle East saw the biggest falls, with emerging markets affected by a slowdown in economic growth.
In China, the carmaker has seen increased competition from local car makers, Vivek Vaidya, an auto analyst with consultancy Frost & Sullivan, told the BBC. In China, the carmaker has seen increased competition from local carmakers, Vivek Vaidya, an auto analyst with consultancy Frost & Sullivan, told the BBC.
"China is always the market where you will have significant competition from the lower end, from cheaper alternatives," he said."China is always the market where you will have significant competition from the lower end, from cheaper alternatives," he said.
"So Toyota is using a two-pronged approach - their technology and their quality - to try and increase their market share in China in the future.""So Toyota is using a two-pronged approach - their technology and their quality - to try and increase their market share in China in the future."
In their outlook for the rest of the fiscal year, Toyota said it revised its vehicle sales forecast from 8.9 million to 8.95 million units. Toyota also announced a reorganisation of its Chinese operations, announcing a joint venture plant in Tianjin.
The new line is to be operational by 2018 and is to boost capacity by 100,000 vehicles per year.