OREANDA-NEWS. Toyota Tsusho Corporation reported consolidated net sales of 2,084.089 billion yen and net income of 21.302 billion yen, or 60.63 yen per share, for the three months ended June 30, 2014.

In the first three months of the fiscal year (April 1, 2014 - June 30, 2014), the global economy as a whole continued to gradually recover, led by developed economies. The U.S. economy recovered briskly, bolstered by steady personal consumption. The European economy continued to recover albeit slowly. On the other hand, among emerging market economies, the Chinese economy continued to decelerate, economic growth in India and Brazil slowed down as a result of monetary tightening aimed at controlling inflation, and the Russian economy declined due to Ukraine crisis.

Against such a backdrop, the Japanese economy was bolstered by the improved investment environment and employment situation buoyed by better corporate earnings, despite concerns over sluggish growth in exports and the impact of political unrest in Thailand.

Amid such an environment, the Toyota Tsusho Group's consolidated net sales increased 187.6 billion yen (9.9%) year on year to 2,084.0 billion yen in the three-month period (April-June) partly due to the impact of the unification of accounting period of some consolidated subsidiaries. Consolidated operating income totaled 34.343 billion yen, a decline of 6.572 billion yen (16.1%) compared with the same period of the previous fiscal year (40.915 billion), as sales, general and administrative costs increased.

Consolidated ordinary income amounted to 44.952 billion yen, down 1.117 billion yen (2.4%) from the same period of the previous fiscal year (46.069 billion yen), while consolidated net income after taxes decreased 0.477 billion yen (2.2%) to 21.302 billion yen from 21.779 billion yen in the same period of the previous fiscal year.