Toyota managed to pull together a 5% jump in net profits for the third quarter of its fiscal year, despite a tepid global economy and relatively flat sales.
The automaker announced it made 627.9 billion yen, or $5.4 billion, during the October-December period, up from 600 billion yen the year before. Quarterly sales and revenues were up a more modest 2.4%, to $62.7 billion. A weak yen played in Toyota’s favor.
The news came two days after rival General Motors reported record earnings of $9.7 billion – for the full fiscal year. Meanwhile, he world’s second-largest automaker, Volkswagen AG, said on Friday it would delay issuing its fourth-quarter and full-year earnings as it struggles to account for the impact of its ongoing diesel emissions cheating scandal.