CHICAGO Toyota Motor Corp.s net income for the year ended March 31 more than doubled to 962.1 billion yen ($9.7 billion) on revenues that rose 18.7 percent to 22 trillion yen ($222.3 billion) and vehicle sales that rose 20.7 percent to 8.9 million.
North American vehicle production last year jumped 31.6 percent in the companys fiscal year ended March 31 to nearly 1.68 million cars and light trucks, with sales in the region rising 31.9 percent to almost 2.5 million units. However, 2011s results were hurt by natural disasters in Asia that disrupted the global supply chain.
Net revenues in North America increased 32.3 percent to 6.3 trillion yen ($63.6 billion) and operating income rose 19.1 percent to 221.9 billion yen ($2.2 billion). The operating income improvement was due largely to rising production volume and vehicle sales, as well as cost-reduction efforts.
Toyota forecast that its vehicle sales will reach 9.1 million units for the 2014 fiscal year, an increase of roughly 2.2 percent over fiscal 2013. The Toyota City, Japan-based automaker also forecast net revenue of 23.5 trillion yen and net income of 1.4 trillion yen in 2014.
The worlds new car demand is expected to grow, driven by the recovery of the U.S. market and the development of the emerging markets, president Akio Toyoda said.