OREANDA-NEWS. Toyota Tsusho Corporation reported consolidated net sales of 5,704.0 billion yen and net income of 57.580 billion yen, or 164.02 yen per share, for the nine months ended December 31, 2013.

In the first nine months of the fiscal year (April 1, 2013 - December 31, 2013), the global economy as a whole remained in a gradual recovery trend, with developed economies performing solidly while growth slowed in emerging market economies. US growth picked up, largely by virtue of technological innovations epitomized by shale gas. Europe also embarked on an economic recovery, showing signs of emerging from protracted stagnation even amid ongoing debt crises in certain countries. Among emerging market economies, China remained in an economic slowdown and other countries saw their growth slow amid a downturn in exports to China and capital outflows triggered by expectations of tapering of US quantitative easing.

Against such a backdrop, the Japanese economy maintained an upward trajectory, buoyed by monetary and fiscal stimulus and recovery in economic sentiment in both the household and corporate sectors. With exports sluggish, however, the pace of Japan's economic recovery was slow.

Amid this environment, the Toyota Tsusho Group's consolidated net sales grew 997.3 billion yen (21.2%) year on year to 5,704.0 billion yen in the nine months ended December 31, 2013, driven by yen depreciation and contributions from newly consolidated subsidiaries. Consolidated operating income increased 38.364 billion yen (47.3%) to 119.477 billion yen from 81.113 billion yen in the same period of the previous fiscal year, largely due to growth in gross profits.

Consolidated ordinary income increased 29.488 billion yen (31.3%) to 123.811 billion yen from 94.323 billion yen in the same period of the previous fiscal year. Consolidated net income after taxes totaled 57.580 billion yen, a 915 million yen (1.6%) decrease from 58.495 billion yen in the same period of the previous fiscal year. The decrease was largely attributable to non-recurrence of a gain on phased acquisition booked in the year-earlier period.