Toyota Motor Corp. said Wednesday its net profit surged roughly 5.7-fold to a record 897.83 billion yen ($8.2 billion) in the April-June quarter, fueled by a robust rebound in overseas sales from the negative pandemic impact and favorable currency rates.
Despite a global shortage of semiconductors casting a pall over the auto industry, Toyota's sales grew 72.5 percent to 7.94 trillion yen, a record high for the April-June quarter, leaving the initial fallout of the coronavirus pandemic behind.
Operating profit in the three months to June 30 stood at a record 997.49 billion yen, surging from 13.92 billion yen a year earlier, as it sold 2.76 million vehicles worldwide, the highest for the first fiscal quarter.
The yen served as a boom to its profits, with the U.S. dollar and the euro trading at 110 yen and 132 yen respectively in the quarter, compared to 108 yen and 119 yen a year earlier.
A weaker yen lifts Toyota's profits earned overseas when repatriated. The automaker's forecast for this fiscal year assumed dollar and euro rates of 105 yen and 125 yen, respectively.
Citing uncertainty, the major Japanese automaker maintained its forecast for the full year through March 2022, with net profit expected to rise 2.4 percent from the previous year to 2.3 trillion yen.
Toyota's recovery from the coronavirus pandemic has become even more evident in recent months, led by sales growth in the U.S. and Chinese markets.
In the first six months of 2021, Toyota was the world's top-selling automaker for the second year in a row with record sales, outpacing Germany's Volkswagen AG.
In the April-June quarter, global vehicles sales were supported by a 2.3-fold surge in North America. Europe and Asia excluding Japan also saw their sales have double in the quarter.
Still, the maker of the RAV4 compact crossover SUV and Yaris compact maintained its global sales target for the business year at 10.55 million vehicles.
Toyota said the situation is still "unpredictable" due to the sprawling pandemic in emerging economies, the chip crunch and surging material prices.
A major concern for automakers is the chip crunch that has forced them to curb production.
Toyota is no exception, with some domestic plants affected by the shortage. Nissan Motor Co. has estimated that its annual output will decrease by 250,000 vehicles in the current business year through March.
For fiscal 2021, Toyota expects an operating profit of 2.5 trillion yen, up 13.8 percent from a year earlier, on sales of 30 trillion yen, up 10.2 percent.
The Japanese automaker is seeking to capture more consumers with new models. It has launched the revamped Aqua hybrid compact and the fully remodeled Land Cruiser sport utility vehicle model equipped with a fingerprint authentication system as thieves targeted earlier models of the vehicle that attracts high prices.
Toyota's global sales figures include vehicles sold by its subsidiaries -- minivehicle manufacturer Daihatsu Motor Co. and truck maker Hino Motors Ltd.