Japan's Toyota reports hefty profit on cheap yen and solid car sales

Toyota reported a nearly doubled profit in its fiscal first quarter, driven by solid demand in the U.S. and India and a favorable exchange rate. The automaker logged 1.48 trillion yen ($9.4 billion) in net profit for April–June, up from 841 billion yen a year earlier. Quarterly sales rose 10% year on year to 13.5 trillion yen ($85 billion). Toyota said currency effects added 345 billion yen ($2.2 billion) to operating profit, with the yen at about 160 per dollar for the full year outlook. It sold 2.39 million vehicles globally in the quarter versus 2.41 million a year ago, but expects 9.7 million for the fiscal year. Toyota also noted production disruption at its Tahara plant after the July 28 7.1 Kumamoto earthquake.