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Toyota City, Japan, Aug 4, 2016 - (JCN Newswire) - Toyota Motor Corporation (TMC) today announces its financial results for the first quarter ended June 30, 2016.
Consolidated vehicle sales for the first quarter totaled 2,172,659 units, an increase of 58,659 units compared to the same period last fiscal year. On a consolidated basis, net revenues for the period totaled 6.58 trillion yen, a decrease of 5.7 percent. Operating income decreased from 756.0 billion yen to 642.2 billion yen, while income before income taxes1 was 677.0 billion yen. Net income2 decreased from 646.3 billion yen to 552.4 billion yen.
Operating income decreased by 113.7 billion yen. Major factors contributing to the decrease included currency fluctuations of 235.0 billion yen offset by an increase of 90.0 billion yen due to cost reduction efforts.
Commenting on the results, TMC Managing Officer Tetsuya Otake said: "Despite the positive factors such as cost reduction efforts and marketing efforts, operating income was down 113.7 billion yen compared to the first quarter of the last fiscal year, due to the significant impact of Yen appreciation."
In Japan, vehicle sales totaled 511,170 units, an increase of 41,199 units. Operating income, excluding the impact of valuation gains/losses from interest rate swaps, decreased by 186.9 billion yen to 290.1 billion yen.
In North America, vehicle sales totaled 715,384 units, a decrease of 13,429 units. Operating income, excluding the impact of valuation gains/losses from interest rate swaps, increased by 14.2 billion yen to 165.4 billion yen.
In Europe, vehicle sales totaled 222,708 units, an increase of 16,334 units, while operating income, excluding the impact of valuation gains/losses from interest rate swaps, decreased by 1.6 billion yen to 8.5 billion yen.
In Asia, vehicle sales totaled 384,171 units, an increase of 55,569 units, while operating income, excluding the impact of valuation gains/losses from interest rate swaps, increased by 22.4 billion yen to 124.6 billion yen.
In other regions (including Central and South America, Oceania, Africa and the Middle East), vehicle sales totaled 339,226 units, a decrease of 41,014 units, while operating income, excluding the impact of valuation gains/losses from interest rate swaps, decreased by 6.3 billion yen to 28.1 billion yen.
Financial services operating income increased by 20.0 billion yen to 90.2 billion yen, including a gain of 8.6 billion yen in valuation gains/losses from interest rate swaps. Excluding valuation gains/losses, operating income decreased by 15.2 billion yen to 81.6 billion yen.
For the fiscal year ending March 31, 2017, TMC has not revised its consolidated vehicle sales forecast from 8.9 million units, in consideration of the latest sales trends worldwide.
TMC revised its consolidated financial forecasts for the fiscal year. Based on an exchange rate assumption of 102 yen to the U.S. dollar and 113 yen to the euro, TMC now forecasts consolidated net revenue of 26.0 trillion yen, operating income of 1.6 trillion yen, income before income taxes of 1.78 trillion yen and net income of 1.45 trillion yen.
(1) Income before income taxes and equity in earnings of affiliated companies
(2) Net income attributable to Toyota Motor Corporation
All consolidated financial information has been prepared in accordance with U.S. generally accepted accounting principles
Contact:
Toyota Motor Corporation
Public Affairs Division
Global Communications Department
Tel: +81-3-3817-9926
Topic: Press release summary
Source: Toyota Motor Corporation
Sectors: Automotive
http://www.acnnewswire.com
From the Asia Corporate News Network
Copyright © 2024 ACN Newswire. All rights reserved. A division of Asia Corporate News Network.
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