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London (pte042/10.05.2005/15:41) - The Japanese auto firm Toyota http://www.toyota.com is celebrating high profits, following a consistent trend over the last five years. Net profits have risen by 0.8 per cent to 1.17 trillion yen ($1bn; £532m), while sales reached 7.3 per cent (18.55 trillion yen).
In order to keep up with high demands for trucks and saloons Toyota is investing in new factories in China and the US.
Norihito Kanai, an analyst at Meiji Dresdner Asset Management in Tokyo told Bloomberg, comments, "Toyota has the right products in most of the markets." He goes on to say that Toyota is "successful in a difficult business environment of a stronger yen and higher steel prices."
In the US during the first quarter vehicle sales rose from 168,000 to 2.27 million. The Scion series and hybrid petrol-electric Prius models http://www.toyota.com/prius proving more popular than heavy duty sports utility vehicles.
In Asia 362,000 more units were sold, mainly due to high sales of the Innovative International Multi-Purpose Vehicle, making the total sales 1.77 million.
Analysts are predicting, however, that growing costs for raw materials may affect the growth of future profits. Despite this, Toyota expects to maintain a similar profit level for the same time next year.
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