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Toyota’s quarterly profit surges 70%

Currency fluctuations and cost-cutting efforts helped profit at the world’s largest automaker to surge 70%, as Toyota Wednesday raised its profit outlook.

Toyota’s July-September net profit rose to 438.4 billion yen ($4.4 billion) from 257.9 billion yen a year earlier.

The company raised its profit forecast to 1.67 trillion yen for the fiscal year ending in March, 2014.

“In addition to the impact of the weaker yen, operating income increased due to our efforts with our suppliers and distributors for profit improvement through cost reduction and marketing activities, such as enhancement of the model mix.,” said Nobuyori Kodaira, Toyota’s executive vice president, in a statement.

Toyota last month said its global sales for the first nine months of the year totaled 7.41 million vehicles, little changed from the previous year but outpacing General Motors to keep its lead as the world’s top-selling automaker.

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