The Japanese car manufacturer Toyota has tripled its quarterly earnings, signaling a recovery from the effects of natural disasters, and has raised its forecast for the entire year despite a decline in sales in China.
Toyota is on track to reclaim its position as the world’s largest car manufacturer this year, and on Monday it reported a net profit of 257.9 billion yen ($3.2 billion) for the period from July to September, compared to 80.4 billion yen earned in the same period last year.
Revenue increased by 18 percent to 5.4 trillion yen ($67.6 billion), driven by rising demand for Toyota vehicles in all major markets, including North America, Europe, Japan, and Asian countries, excluding China.
The largest Japanese car manufacturer has raised its profit forecast for the entire fiscal year ending in March 2013 to 780 billion yen ($9.8 billion), up from a previously estimated 760 billion yen ($9.5 billion).
In the previous business year, Toyota recorded a profit of 283.5 billion yen, as production of Toyota vehicles was severely disrupted by the tsunami in northeastern Japan and floods in Thailand.
The company remains optimistic despite the decline in sales in China, where protests have erupted over a territorial dispute regarding the islands known as Senkaku in Japan and Diaoyu in China. Chinese consumers have been boycotting Japanese cars in recent months.
