Toyota Posts Surge In FQ1 Net Profit

Toyota Motor

reported a surge in its net profit for the fiscal first quarter. Toyota's quarterly net profit rose to 290.35 billion yen ($3.71 billion), versus Y1.16 billion, in the year-ago period. However, analysts were expecting a net profit of Y250.65 billion. Its sales climbed 60% to Y5.502 trillion from Y3.441 trillion, while operating profit surged to Y353.14 billion, versus a year-ago loss of Y107.96 billion. Toyota continues to expect full-year net profit of Y760 billion on sales of Y22.000 trillion. Toyota shares closed at $77.03 yesterday.