Toyota eyes threefold increase in profit this year

Toyota Motors, the largest Japanese car maker, is looking forward to register a threefold increase in its profits in the current year. The company is eying a profit figure of $12.5 billion for this year, which will be its highest ever since the financial crisis a few years back.

In the first quarter of this calendar year (January to March 2012), the company’s profit surged fivefold to 238.5 billion yen (2.99 billion), beating the expected estimates of 223 billion yen. On the other hand, the net profits of the fourth quarter stood at 121 billion yen as compared to last year’s 25.4 billion yen. The major booster in the company’s net profit remained the speedy recovery in their production, which has been affected badly due to the natural disasters of the previous year.

Toyota Motors is expecting to register an operating profit of 1 trillion yen ($12.54 billion) in next March, higher as compared to the recent consensus forecasts 990 billion yen. In a bid to slash the development cost by more than a fifth, Toyota has commenced a new scheme of using more shared components.