By Alex C
Japanese carmaker Toyota has seen its profits nearly double, making a net profit of $17.8bn (£10.5bn) in the year to 31 March 2014.
Toyota, the world’s biggest carmaker, said the yen’s weakness boosted its profits by nearly 900bn yen during the past financial year.
The firm also issued a weaker-than-expected forecast for the current financial year. It expects its profit to fall to 1.78 trillion yen in the financial year to 31 March 2015.
The firm said its sales in Japan were likely to decline this year. It expects to sell nearly 1.45 million units of its Toyota and Lexus brand vehicles in Japan in the current financial year, down from 1.65 million in the previous 12 months.
Analysts have been cautious about prospects for Japan’s car manufacturers this year, not least because of the rise in the country’s sales tax. Japan increased the rate of its sales tax – also known as consumption tax in the country – to 8% from 5% from 1 April this year.