Toyota Motor Corporation reports FY2020 net income at 2.07 trillion yen, up 10.2%

Japanese carmajor Toyota Motor Corporation has announced its financial results for FY2019-20, which saw the company’s consolidated vehicle sales totaled 8,958,423 units, a decrease of 18,372 units compared to the previous fiscal year. On a consolidated basis, net revenues for the period totaled 29.9299 trillion yen (Rs 2,065,163 crore), a decrease of 1.0 percent.

The Operating income decreased from 2.4675 trillion yen (Rs 170,257 crore) to 2.4428 trillion yen (Rs 168,553 crore), while income before income taxes was 2.5546 trillion yen (Rs 176,267 crore). The OEM says its net income increased from 1.8828 trillion yen (Rs 129,913 crore) to 2.0761 trillion yen (Rs 143,251 crore). The operating income decreased by 24.6 billion yen (Rs 1,698 crore). The major factors affecting to the decrease included currency fluctuations of 305.0 billion yen (Rs 21,045 crore).

Commenting on the result, Kenta Kon, Operating Officer, Toyota Motor Corporation said : "Due to the spread of Covid-19, net revenues were decreased by 380 billion yen (Rs 26,220 crore) and operating income were decreased by 160 billion yen (Rs 11,040 crore)."

In terms of sales Toyota Motor Corporation reported that in Japan its vehicle sales totaled 2,239,549 units, an increase of 13,372 units. In North America, vehicle sales totaled 2,713,165 units, a decrease of 31,882 units. For Europe, vehicle sales totaled 1,028,537 units, an increase of 34,477 units.

Toyota Motor Corp’s sales in Asia came at 1,604,870 units, a decrease of 79,624 units.

In other regions (including Central and South America, Oceania, Africa, and the Middle East), vehicle sales totaled 1,372,302 units, an increase of 45,285 units.

Toyota’s financial services operating income decreased by 30.6 billion yen to 292.1 billion yen, including a loss of 17.5 billion yen in valuation gains/losses from interest rate swaps. Excluding valuation gains/losses, operating income decreased by 32.6 billion yen to 309.7 billion yen.

The company expects that its consolidated vehicle sales for the fiscal year ending March 31, 2021 will be around 7 million units.

Based on this assumption, the Japanese carmaker forecasts consolidated sales revenues of 24 trillion yen (Rs 1,656,000 crore), operating income of 500 billion yen (Rs 34,500 crore) for the fiscal year ending March 31, 2021.