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Despite coming in second to Volkswagen in the race to the top, Toyota has recorded growth in terms of net revenue over the second quarter of 2015 (first quarter of its new fiscal year) – up 9.3% compared to the same period last year to US$57.7 billion (RM223.5 billion), while operating income is up by 9.1% to US$6.25 billion (RM24.2 billion). Net income also increased by 10% to $5.34 billion (RM20.7 billion), which is a new quarterly record for the company.

That’s despite the Japanese brand seeing a drop in combined car sales by as much as 127,285 units (2,114,000 units sold in total) compared to the same period last year.

The only market where Toyota saw an increase in sales in the second quarter was North America, with sales totalling 728,813 an increase of 18,404 units. Operating income in North America amounted to an impressive 151.1 billion yen (RM4.7 billion), the second highest as compared to other markets. The Japanese market is in first, at 475.8 billion yen (RM14.8 billion).

Although its home market contributed the most to the company’s operating income, it saw a drop in sales and likewise in Europe and Asia – the brand sold a total of 469,971 vehicles sold at home, 206,374 over in Europe and 328,602 vehicles sold over in Asia. Other regions such as Central and South America, Oceania, Africa and the Middle East also showed a decline in sales to a combined total of 380,240 vehicles sold.

Tetsuya Otake, managing officer of Toyota Motor Corporation noted that aside from having reaped the benefits from a lower exchange rate, cost reduction played a part in helping the company attain such profits in spite of lower vehicle sales. “Favorable foreign exchange rates and cost reduction efforts were main positive factors, while decreased vehicle sales and increased expenses to support initiatives for enhancing competitiveness were negative factors,” Otake explained.