Revenue of Toyota Motor Corp. almost doubled on the year basis for the April-June quarter 2013. According to the company’s press release, the Japan car manufacturer posted a net profit of 562 billion yen ($5.6 billion).
For the reporting period the Toyota earnings climbed 13.7% to 6.3 trillion yen. Meanwhile, car sales in absolute terms decreased by 1.6% up to 2.2 million cars.
Operating profit shot up to 663.38 billion yen from 353.14 billion yen. The figure rose due to fluctuations in the national currency of Japan (260 billion yen), cut of expenses (70 billion yen), etc.
Toyota said it was planning to produce more than 10 million cars in 2013. If data is in line with the forecast, Toyota will be the first car manufacturer in the world that exceeds this amount.
New Prime Minister Shinzo Abe’s government has set a goal to battle deflation which has been restraining economic growth for the last 15 years. One of the major measures is economic policy known as “Abenomics”. The yen has weakened, the US dollar in Japan grew up to 100 from 80 yen from a year ago as a result.
The country’s economy is positively influenced by “Abenomics”. Due to low rate of the yen, exporters and bankers generated more gains. The latter ones made money on the rise of corporate credits.