Japan’s Toyota posts record profit as hybrid sales surge 31 percent

Japanese car giant says net profit reached 4.94 trillion yen ($31.9bn) in the year to March.

Toyota has reported record profit and sales figures on the back of the weak yen and strong demand for hybrid vehicles.

The Japanese car giant said on Wednesday that it netted a record profit of 4.94 trillion yen ($31.9bn) in the year to March on revenues of 45.1 trillion yen, double the previous year’s income.

Global sales topped 10.3 million units, an all-time high, buoyed by strong demand in the home market and in North America and Europe.

Sales of hybrid vehicles jumped 31 percent to 3.7 million units.

The financial results far exceeded a company forecast in February of a 4.5 trillion yen net profit on revenues of 43.5 trillion yen.