Toyota Profit Triples as Yen Continues to Slide

The world's largest automaker Toyota has said that its full-year net profit more than tripled, supported by the Japanese currency's continued weakness and robust sales in the US, the company's largest export market.

The Japanese auto giant posted a net profit of 962bn yen ($9.7bn/£6.2bn) for the year ended in March as against 283bn yen, a year earlier. The company expects 40% rise in profits this year.

Globally, Toyota sold 9.69 million units, up 16% from last year, boosted by higher sales in the US and key Asian markets.

The company sold 2.5 million units in North America , an increase of 596,381 units when compared to the previous year, while in Europe, it sold 799,085 units, an increase of 1,092 units.

"The wind that was blowing against us is calming down, and we can hear some saying that it is the time for us to take the offensive. But I think we are just standing at the startline of sustainable growth," President Akio Toyoda, the 57-year-old grandson of Toyota's founder told reporters in Japan.

The Toyota shares have risen 37% since the beginning of the year, outperforming the Nikkei index in Tokyo that rose 34% so far in the year. Toyota announced a year-end dividend of 60 yen per share.

The Japanese government recently took some bold monetary steps to weaken the yen, to help the exporters. The yen is down by nearly 30% since September, 2012.