Toyota says annual profit accelerates to record $18.1bn

Toyota said Friday its annual profit accelerated 19 percent to a record $18.1 billion as the world's biggest automaker capitalised on a weak yen and strong demand in the North American market, despite being sideswiped by a series of recalls.

The maker of the Corolla and Prius hybrid beat its earlier forecasts with the 2.17 trillion yen net profit in the fiscal year to March, driving past earnings of 1.82 trillion yen a year ago.

Revenues rose six percent to 27.23 trillion yen, while the Japanese giant predicted it would book an even bigger 2.25 trillion yen net profit in the current fiscal year.