Toyota profit up 70 percent in latest quarter

The company’s profit rose 83 percent in the first half of the fiscal year. File Photo: AP

Toyota Motor Corp. says a weaker yen and cost cuts pushed up quarterly profit by 70 percent.

The automaker says on Wednesday its July-September net profit rose to 438.4 billion yen ($4.4 billion) from 257.9 billion yen a year earlier.

Toyota raised its net profit forecast for the fiscal year ending March 2014 to 1.67 trillion yen ($16.9 billion). But it kept it sales forecast at 9.1 million vehicles.

The company’s profit rose 83 percent in the first half of the fiscal year to 1 trillion yen ($10.1 billion).