Despite massive recalls that dented its safety image, Toyota Motor Corp. said Tuesday it logged a ¥147.5 billion group operating profit for the business year that ended in March, reversing the ¥461 billion loss recorded a year earlier.
It posted ¥209.5 billion in group net profit, compared with a loss of ¥436.9 billion in the 2008 business year, when the global financial crisis hit and car sales in the United States and Europe tanked. Group sales slipped 7.7 percent to ¥19 trillion from ¥20.5 trillion.
The steep rebound in profit — the first in two years — comes mostly as a result of cost-cutting efforts.