Toyota City, Japan, Nov 7, 2017 - (JCN Newswire) - Toyota Motor Corporation (TMC) today announces its financial results for the six-month period ended September 30, 2017.
Consolidated vehicle sales for the six-month period ended September 30 totaled 4,389,435 units, an increase of 25,898 units compared to the same period last fiscal year. On a consolidated basis, net revenues for the period totaled 14.1912 trillion yen, an increase of 8.6 percent. Operating income decreased from 1.1168 trillion yen to 1.0965 trillion yen, while income before income taxes1 was 1.2521 trillion yen. Net income2 increased from 946.1 billion yen to 1.0713 trillion yen.
Operating income decreased by 20.3 billion yen. Major factors contributing to the decrease included an increase of 160 billion yen in marketing activities and an increase in expenses of 50 billion yen, which were offset by an increase of 100 billion yen due to cost reduction efforts and currency fluctuations of 100 billion yen.
Commenting on the results, TMC Executive Vice President Osamu Nagata said: "Despite the positive effect of yen depreciation and cost reduction efforts, operating income decreased by 20.3 billion yen mainly due to the effects of marketing activities and an increase in expenses."
In Japan, vehicle sales totaled 1,087,354 units, an increase of 8,544 units. Operating income, excluding the impact of valuation gains/losses from interest rate swaps, increased by 156 billion yen to 641.7 billion yen.
In North America, vehicle sales totaled 1,396,158 units, a decrease of 4,211 units. Operating income, excluding the impact of valuation gains/losses from interest rate swaps, decreased by 155.6 billion yen to 141.1 billion yen.
In Europe, vehicle sales totaled 469,503 units, an increase of 35,122 units, while operating income, excluding the impact of valuation gains/losses from interest rate swaps, increased by 4.4 billion yen to 39 billion yen.
In Asia, vehicle sales totaled 743,939 units, a decrease of 20,811 units, while operating income, excluding the impact of valuation gains/losses from interest rate swaps, decreased by 6.7 billion yen to 212.9 billion yen.
In other regions (including Central and South America, Oceania, Africa and the Middle East), vehicle sales totaled 692,481 units, an increase of 7,254 units, while operating income, excluding the impact of valuation gains/losses from interest rate swaps, increased by 16.6 billion yen to 71.8 billion yen.
Financial services operating income decreased by 7.4 billion yen to 144.7 billion yen, including a gain of 0.6 billion yen in valuation gains/losses from interest rate swaps. Excluding valuation gains/losses, operating income increased by 5.8 billion yen to 144 billion yen.
For the fiscal year ending March 31, 2018, TMC revised its consolidated vehicle sales forecast from 8.9 million units to 8.95 million units, in consideration of the latest sales trends worldwide.
TMC also updated its consolidated financial forecasts for the fiscal year. Based on an exchange rate assumption of 111 yen to the U.S. dollar and 128 yen to the euro, TMC now forecasts consolidated net revenue of 28.5 trillion yen, operating income of 2 trillion yen, income before income taxes of 2.25 trillion yen, and net income of 1.95 trillion yen.
Today, TMC's Board of Directors resolved to pay 100 yen per share as the interim dividend on common shares, and have also resolved to buy back up to 250 billion yen, or 45 million shares, of the company's common stock.
(1) Income before income taxes and equity in earnings of affiliated companies
(2) Net income attributable to Toyota Motor Corporation
Toyota Motor Corporation (TMC) is the global mobility company that introduced the Prius hybrid-electric car in 1997 and the first mass-produced fuel cell sedan, Mirai, in 2014. Headquartered in Toyota City, Japan, Toyota has been making cars since 1937. Today, Toyota proudly employs 370,000 employees in communities around the world. Together, they build around 10 million vehicles per year in 29 countries, from mainstream cars and premium vehicles to mini-vehicles and commercial trucks, and sell them in more than 170 countries under the brands Toyota, Lexus, Daihatsu and Hino. For more information, please visit www.toyota-global.com.
Public Affairs Division
Global Communications Department
Toyota Motor Corporation
Nov 7, 2017 14:30 HKT/SGT
Topic: Press release summary
From the Asia Corporate News Network
Copyright © 2018 ACN Newswire. All rights reserved. A division of Asia Corporate News Network.