TOYOTA CITY, Japan (WTVA) -- Toyota Motor Corporation reports strong earnings for the year ending March 31.
The company reports an annual operating profit of $13.32 billion, with net earnings of 18.7 percent.
Toyota officials say the numbers were based on sales of 8.87 million vehicles during the year.
The fourth quarter profit more than doubled to $3.2 billion over the same period in 2012 due to increased sales, cost cuts, and a weakening yen.
Toyota president Akio Toyoda forecasts group-wide global sales of 9.1 million vehicles in the financial year ending March 2014.
He says competition remains tough in the automobile industry especially in the U. S.
Toyota plans to launch production of a redesigned Toyota Corolla later this year at the Toyota Motor Manufacturing Mississippi plant in Blue Springs.