Record earnings likely for car maker

Toyota Motor Corp's profit probably surpassed 1.6 trillion yen (US$13.4 billion) for the year ended on March 31, marking a fifth straight year of record earnings. 
     
That's about 20 percent higher than a year earlier. Sales may have exceeded 23 trillion yen, compared with 21.4 trillion yen a year earlier. The auto maker is scheduled to announce earnings on May 9. 
     
Stronger overseas sales boosted the automaker's earnings, as it sold more fuel-efficient vehicles in the United States and Europe and its Chinese joint venture in Guangzhou turned to a profit, the report said. Profit growth may slow in the year ending next March, as the yen's expected gain against the dollar would curb earnings.