Toyota's Fiscal First-Half Group Net Profit Rose 86%

TOKYO December 26, 2002; Dow Jones News reported that Toyota Motor Corp. said Thursday that its fiscal first-half group net profit increased 86% from last year to 425.80 billion yen ($3.54 billion), based on U.S. accounting standards.

Toyota posted record first-half sales and profits under U.S. rules thanks to robust overseas sales and continuing cost cuts.

The world's third-largest car maker has reported results under U.S. standards since 1999.

Toyota reported group sales of 7.613 trillion yen for the six months, up 15% on the year.

Group pretax profit increased 75% to 714.46 billion yen, while group operating profit expanded 35% to 685.02 billion yen, Toyota said. The results are unaudited.

In October, the company reported group net profit rose 90% to a record 553.80 billion yen based on Japanese accounting standards.