Toyota Motor Corp. said Tuesday it posted a record net profit of 1.16 trillion yen for the year to March, becoming the first Japanese company to exceed the 1 trillion yen mark.

Net profit jumped 54.8 percent from a year earlier, backed by increased overseas and domestic sales and a 230 billion yen reduction in costs.

Operating profit rose 31.1 percent to a record 1.66 trillion yen while revenue grew 11.6 percent to an all-time high of 17.29 trillion yen.