Surprise Profits for Toyota

Kate Yule
Thursday, November 5, 2009

The world’s largest car company is reporting a welcome surprise: profits instead of more red ink.

Toyota has announced profits for its last quarter, crediting government measures around the world for the boost in environmentally-friendly car sales.

The Japanese automaker recorded a net income of $242 million for the July-September quarter. It’s an 84 per cent drop from the same period last year, but it’s still an encouraging sign.

Toyota’s last fiscal year saw the company’s biggest loss to date.

The automaker is now raising its projections for this fiscal year from 6.6 million vehicles to 7.03 million vehicles.