(All financial information has been prepared in accordance with accounting principles generally accepted in Japan.)

Tokyo —Toyota Motor Corporation (TMC) today announced operating results for the first quarter ended 30 June, 2002.

On a consolidated basis, net sales for the quarter totalled 4.0 trillion yen, an increase of 20.1 per cent compared to the same period last year. Operating income increased 35.4 per cent to 394.5 billion yen, while net income was 352.3 billion yen compared to 162.3 billion yen in the first quarter of last year. During the quarter Toyota recorded a one-time gain of 187.7 billion yen resulting from the transfer of a portion of the company's pension obligations to the Japanese government.*

Commenting on the results, TMC Executive Vice President Ryuji Araki said, "In an effort to make more timely disclosures of operating performance, we are pleased to deliver our first-ever quarterly results announcement. Despite an increasingly competitive global market, Toyota achieved significant growth in both sales and income, due largely to successful product introductions, cost reduction efforts and the effect of favorable exchange rates. In addition, we continued to make great strides in our efforts to achieve profitability in each of our operating regions around the world."

In Japan, TMC's first quarter market share (excluding mini vehicles) was 42.8 per cent on sales of 494 thousand vehicles, a decrease of 44 thousand vehicles compared to the same period last year. Well-received product launches, including the ist compact and Alphard minivan, helped offset the effects of a sluggish economy.

Overseas sales increased 27.6 per cent in the first quarter, to 1.0 million vehicles. Much of the increase was due to growth in the North American market, fuelled by the popularity of the all-new Matrix and the redesigned Camry and Corolla, as well as a strong line up of light trucks and SUVs, including the Tundra.

In Europe, sales increased by 27 thousand vehicles year-over-year, helped by sales of the RAV4 and the new Corolla, to reach 210 thousand vehicles.

Total sales, including Japan and overseas, reached 1.5 million vehicles in the first quarter, an increase of 174 thousand vehicles, or 13.1 per cent, compared to the same period last year.

Araki added, "By staying focused on the needs of our customers around the world, we hope to surpass last year's operating results while achieving our consolidated sales target of six million vehicles. At the same time, we will continue to invest in our future by increasing local production and research and development in the areas of fuel cells, hybrids and environmental technology."

Published : 07/08/02 Author : Melanie Carter

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