Toyota Motor reports 19 percent rise in first-quarter profit, beats estimates

© Reuters. FILE PHOTO – The 88th Geneva International Motor Show

TOKYO (Reuters) – Toyota Motor Corp (T:) on Friday posted a 19 percent rise in first-quarter profit, beating estimates, on the back of sales growth in Asia and cost reductions in that region and at home.

Operating profit at Japan’s largest automaker was 682.6 billion yen (£4.69 billion) for April-June, versus 574.3 billion yen a year earlier.

The result compared with the 638.74 billion yen average of seven analyst estimates compiled by Thomson Reuters I/B/E/S.

Toyota maintained its forecast for full-year profit to slip 4.2 percent to 2.3 trillion yen, as it anticipates a stronger yen will offset benefits of cost cuts and record-high global vehicle sales.

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