Toyota profit more than doubles in Q1 2013May 8, 2013 - 16:12 AMT PanARMENIAN.Net - Toyota's profit more than doubled in the three months to March as a weakening yen and improved sales boosted the carmaker's comeback, according to BBC News. Net income rose to 313.9bn yen ($3.2bn) up from 121bn yen for the same period the previous year. Toyota also forecast a profit of 1.37tn yen for the next financial year, up from 962bn yen this year. Japan has recently taken monetary steps to weaken the yen, a move that benefits exporters such as Toyota. Japanese carmakers including Toyota have seen a recovery after the 2011 tsunami and earthquake disaster disrupted supply chains and hurt production. Sales have recovered in the U.S. and in key Asian markets. Toyota also cited the weakening yen as a factor in the positive figures. The Japanese currency has lost about one-fifth of its value against the U.S. dollar since November. A weak yen helps boost Japanese firms' competitiveness overseas and also boosts the value of their foreign income when it is repatriated back home. Top stories Yerevan has dismissed Turkey’s demand to shut down the Armenian nuclear power plant as “inappropriate”. Armenia will loan 2.9 billion drams to Nagorno Karabakh (Artsakh), according to a draft government decision. The Ministry of Ecology and Natural Resources of Azerbaijan has “strongly condemned” Armenia’s decision. Kerobyan has said that for the first time in the history of Armenia, the volume of foreign direct investments amounted to about $1 billion. Partner news | Putin congratulates Pashinyan’s birthday Russian President Vladimir Putin congratulated Armenian Prime Minister Nikol Pashinyan on his birthday on June 1. Opposition motorcade en route to Gyumri for large rally A motorcade of protesters headed by Archbishop Bagrat Galstanyan is heading to the city of Gyumri. Ruling MPs, Foreign Minister talk Armenia-Azerbaijan processes MOs from the ruling Civil Contract party met with the Foreign Minister Ararat Mirzoyan in the Armenian parliament. Russia: Armenia’s frozen membership weakens CSTO position in Caucasus A Russian envoy said any step that could alienate the CSTO member states from each other is “deeply wrong”. |