Japanese automaker reports record-high sales but rising material costs erode margins
TOKYO: Toyota Motor Corp said on Wednesday that its net profit fell 14% in fiscal 2022 from the previous year to 2.45 trillion yen ($18 billion), the first decline in four years, due to rising material costs.
Operating profit for the year ended March 31 slid 9% to 2.73 trillion yen, although the Japanese carmaker posted record revenue of 37.15 trillion yen on robust vehicle sales and a weaker yen that inflates results when funds from overseas sales are…
