Toyota sees profits surge
Tokyo, Japan (AHN) – Toyota saw its fourth quarter profits surge by five times the amount it had last year as the nation recovers from the earthquake and tsunami disasters of 2011 and consumer demand for new vehicles increases in the US.
The automaker recorded net profits of $1.5 billion for the three months ending in March, compared to $319 million for the same period a year ago.
However, full year profits still dropped by 30 percent because the natural disasters and strong yen earlier in the year hurt earnings.
Toyota is Japan’s largest automaker by volume.