5 Aug 2010

Toyota quarterly profit up

9:59 am on 5 August 2010

Toyota has reported its largest quarterly profit in two years, as the company tries to put the recall of millions of vehicles behind it.

The Japanese carmaker made 190.4 billion yen ($US2.2 billion) in the three months to June, after a loss of 77.8 billion yen in the same period a year ago.

The BBC reports group revenues increased 27% on last year to 4,872 billion yen.

The company also raised its sales and profit forecast for the full year.

It now expects to sell 7.38 million cars globally and make a net profit of 340 billion yen in its financial year, which runs from April 2010 to March 2011.

In May, it forecast sales of 7.29 million and a profit of about 310 billion yen.

The company has recalled about 10 million vehicles globally in the past year for various problems and faces hundreds of lawsuits in the United States.