Last week, Toyota, one of Japanese biggest car manufacturer has recorded a 7.2% jump in their quarterly profit, proving that they can do good amidst issues concerning trade war.
Toyota, being one of the most popular brands of cars in the world, especially in Asia has been doing great in the third quarter and people are astonished by their achievements. The result has mainly surprised analysts as they were expecting the car giant’s revenue to remain the same as of in the previous quarter.
The car manufacturer has gained a net income of about $5.88 Billion or in Japanese currency 657.3 Billion, higher than what was recorded last year- 613.0 billion yen. Toyota’s operating income, according to them has a growth of 18.87% or an increase from 574.2 bn yen to 682.6bn yen.
The success of the company has been surfacing in the ASEAN region as many customers are fond of the brand in the area. Toyota is very strong in Asia when it comes to sales and along with this, they had successfully reduced cost in their country of origin; which was considered as one of the reasons for their income growth.
Though the effect of trade war is not yet visible to the company, they have announced that their expected number of sales for the year will be over 8.9 million, lower than what they have said earlier- 8.95 million cars. The adjustment was made in consideration of the growing issue in trading.