Toyota quarterly profit rises on growing sales, cost cuts

TOKYO (AP) — Toyota Motor Corp. has raised its earnings forecast after reporting that its profit surged 28 percent in the last quarter on growing sales and cost cuts.

The top Japanese automaker said Tuesday that its July-September profit was 585.1 billion yen ($5.2 billion), up from 458.3 billion yen the year before.

Quarterly sales rose 2 percent to 7.31 trillion yen ($64.7 billion).

The manufacturer of the Camry sedan, Prius hybrid and Corolla subcompact forecast a 2.3 trillion yen ($20 billion) profit for the fiscal year through March.

That exceeds its earlier forecast for 2.1 trillion yen ($19 billion), but down nearly 8 percent from nearly 2.5 trillion yen in the previous fiscal year.

Toyota sold 2.183 million vehicles in July-September, up from 2.175 million vehicles the same period the year before.