Toyota profit falls despite record sales as rising costs bite

Toyota Motor Corp. said Thursday its net profit in the nine months through December fell 18.0 percent to 1.90 trillion yen ($14.5 billion) from a year earlier as rising material costs eroded its profit margin despite hitting record high sales.During the nine-month period, sales rose 18.0 percent to 27.46 trillion yen, a record high, supported by an increase in vehicle sales in North America and Asia alongside a weaker yen, the Japanese automaker said.Operating profits slid 17.1 percent to 2.10 trillion yen due to higher prices for commodities such as steel, aluminum and oil, according to th…READ FULL ARTICLE