Toyota’s operating profit increased by 94% in the first quarter of its fiscal year

Japanese automaker Toyota said it nearly doubled its operating profit in the first quarter of its fiscal year, helped by higher sales and production as well as a weaker yen.

The company said in a statement announcing its results: “Sales increased in all regions around the world compared to the same period in the previous year due to the productivity improvement efforts that were made with suppliers.”

Toyota said operating profit for the three months through June was 1.12 trillion yen ($7.85 billion), up 94 percent from a year earlier, beating the average profit of 945.22 billion yen in a survey by Refinitiv.

The company maintained its forecast of making a profit of 3 trillion yen for the current year, as the conditions it faced did not change significantly from what it was three months ago.

The forecast came in comparison with an average forecast of 3.6 trillion yen from 23 analysts. Toyota said it may consider a review around the time of its semi-annual results.

Toyota said it sold about 2.53 million Toyota and Lexus vehicles in the first quarter, up 8.4% from a year earlier. Electric and hybrid vehicles accounted for 34% of those vehicles.