Toyota Motor Swings To Profits In FY10, Expects Sales To Increase In FY11 By 53,000 Units

The world's leading automaker, Toyota Motor TM, today said that it has swung back to profits in its fiscal year 2010 ended March and its profits for fiscal 2011 will jump 48%. The company, which was weighed down by recalls for most of its fiscal year, said that its net income for the year was ¥209.4 billion ($2.26 billion), as compared to a loss of ¥437 billion in the year-ago period. TM’s sales for the year came in at ¥18.95 trillion, marking a 7.7% fall. Toyota reported a fall in its vehicle sales for the year by 330,000 units to 7.24 million units, with North America accounting for a fall of 114,000 units. Toyota, however, expects the vehicle sales for this fiscal year to increase by 53,000 units to 7.29 million units as a result of a jump in sales volume outside Japan. TM's shares fell 1.11% in pre-market trading.