Toyota reports improved quarterly profit despite incentives

TOKYO — Toyota Motor Corp. is reporting its quarterly profit rose 21 per cent as cost cuts and booming sales in some markets offset the damage from higher U.S. incentives.

Toyota, which makes the Camry sedan, Prius hybrid and Lexus luxury models, on Wednesday reported a January-March profit of 480.8 billion yen ($4.4 billion), up from 398 billion yen the same quarter the previous year.

Quarterly sales rose nearly 2 per cent to 7.58 trillion yen ($69 billion).

For the fiscal year through March, Toyota sold 10.44 million vehicles around the world, up from 10.25 million vehicles the previous fiscal year.

It expects to sell 10.5 million vehicles for the year through March 2019, with sales growing in regions other than its main U.S., Japanese and European markets, such as South America and Africa.