Toyota posts record Q1 profit, maintains full-year forecast


The logo of Japan's Toyota Motors is displayed at their showroom in Tokyo, on Aug 3, 2018.
The logo of Japan's Toyota Motors is displayed at their showroom in Tokyo, on Aug 3, 2018.PHOTO: AFP

TOKYO (AFP) - Japanese car giant Toyota on Friday (Aug 3) posted a record first-quarter net profit, but left its full-year forecast unchanged amid concerns over global trade frictions.

The firm said profit rose 7.2 per cent to 657.3 billion yen (S$8.06 billion) in April-June, its highest-ever first quarter result.

Operating profit jumped 18.9 per cent to 682.7 billion yen, with sales up 4.5 per cent at 7.4 trillion yen.

"Compared to its domestic rivals, Toyota has been relatively competitive," Satoru Takada, an analyst at TIW, a Tokyo-based research and consulting firm, told AFP. "The firm performed strongly in North America and its sales in China are steady."

Toyota maintained its forecast that for the fiscal year to March 2019, net profit would fall 15 per cent.

Analysts say that potential US tariffs continue to be a concern for Japanese carmakers.

"US tariffs will be a major risk for the Japanese auto industry. If tariffs are imposed, it will deal a big blow to Japanese carmakers," said Takada.