Record profits of Toyota

&to=http:// ' target=_blank>Toyota today posted record full-year profits, matching analyst expectations despite a dip in earnings in the fourth quarter.

The world's largest carmaker by market value unveiled net profits of Ұ1,170 billion (£5.9bn) profit for the year to March, up 0.8 per cent from the previous year, as higher sales and cost cuts helped offset rising raw material costs and currency exchange losses.

Operating profit rose 0.3 per cent to Ұ1,672 billion, on revenue of Ұ18,550 billion, up 7.3 per cent, informs the Times Online. Citing Toyota executives, the paper also said Toyota planned to start making a hybrid version of the Camry sedan at a plant in Georgetown, Kentucky as early as 2006 as part of the company's plan to shift production of hybrid vehicles to North America.

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