Toyota profit slipped 1.5 percent

Profit at the &to=http:// english.pravda.ru/comp/2002/07/03/31735.html ' target=_blank>Toyota Motor Corporation slipped 1.5 percent in the most recent quarter as damage from a falling dollar offset strong increases in sales around the world.

Toyota, the world's second-largest carmaker, reported net income of 297.4 billion &to=http:// english.pravda.ru/economics/2001/03/16/3006.html ' target=_blank>yen ($2.8 billion) for the quarter ended Sept. 30, as the falling dollar eroded the value of Toyota's sales in the United States.

Despite the weaker-than-expected profit, sales growth was faster than had been predicted. Revenue rose 9.3 percent, to 4.52 trillion yen ($42.7 billion), for the quarter, as the company increased vehicle sales at a double-digit pace in nearly every major market, informs New York Times.

According to the MSNBC News, the earnings data, computed under U.S. accounting standards, were all record highs as they were in the first half of fiscal 2003.

"Our ongoing efforts to introduce products that meet individual customer needs, as well as the optimization of our production organization worldwide, allowed us to grow and improve efficiency in the first half," Toyota Executive Vice President Ryuji Araki said.

Toyota said its global sales volume also reached an all-time high of 3.57 million vehicles, up 12.5 percent on year for the sixth straight half-yearly increase, with domestic sales up 2.3 percent to 1.11 million units to push Toyota's domestic market share up by 2.1 percentage points to 44.6 percent.

Domestic sales came to 1.11 million vehicles, up 2.3 percent, thanks to brisk sales of the Crown Majesta luxury sedan and the Passo compact.