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Toyota’s quarterly profit climbs on weak yen, solid sales, raises annual forecasts

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Visitors inspect cars on display at Toyota gallery in Tokyo Tuesday, Feb. 4, 2014. Toyota Motor Corp. reported a more than fivefold jump in its quarterly profit Tuesday and raised its earnings forecast, crediting a weak yen and strong sales. Toyota\'s profit for the October-December quarter totaled a better-than-expected 525.4 billion yen (.2 billion), up dramatically from 99.9 billion yen a year earlier. (AP Photo/Koji Sasahara)

TOKYO – Toyota says its quarterly profit rose more than fivefold and has raised its earnings forecast.

The Japanese automaker said Tuesday it benefited in the October-December quarter from a weak yen and solid global sales.

Toyota Motor Corp. reported a 525.4 billion yen ($5.2 billion) profit, up dramatically from 99.9 billion yen a year earlier.

Quarterly sales jumped 24 per cent to 6.585 trillion yen ($64.2 billion).

The world’s top selling automaker raised its profit and sales forecasts for the fiscal year ending March.

The maker of the Prius hybrid and the Camry sedan now projects a fiscal year profit of 1.9 trillion yen ($18.8 billion). Its previous forecast was 1.67 trillion yen ($16.5 billion) profit.

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