Toyota Motor Corporation has reported its consolidated financial results for the fiscal year ended March 31.

Net revenues rose 18.7 percent to 22 trillion yen. Operating income was 1.32 trillion yen, an increase of 965.2 billion yen.

Consolidated vehicle sales totaled 8.871 million units, an increase of 1.519 million units.

Income before income taxes was 1.40 trillion yen. Net income increased from 283.5 billion yen to 962.1 billion yen

Commenting on the results, TMC President Akio Toyoda said: “In the fiscal year ended March, we experienced increased sales of our vehicles mainly in North America and Asia, and, coupled with the results of company-wide profit improvement activities, we booked operating income of 1.32 trillion yen.”

Toyoda said: “We have faced many challenges since 2009 but have learned valuable lessons, including the need for Toyota to maintain sustainable growth.”

Toyoda added: “We believe that the driver for sustainable growth is ultimately ever-better cars, and we are launching cars developed with this mindset.”

He said: “We are also making progress in reforming our manufacturing technologies and vehicle development processes under the Toyota New Global Architecture and I am convinced that the positive cycle defined for our business in the Toyota Global Vision is now gradually but steadily taking shape.”

Major factors contributing to the increase in operating income include the positive effects from marketing activities generating 650 billion yen, cost reduction efforts saving 450 billion yen and currency fluctuations of 150 billion yen, which offset the negative effects from related expenses of 300.0 billion yen.

For the fiscal year ending March 31, 2014, Toyota expects consolidated vehicle sales of 9.1 million units, consolidated net revenues of 23.5 trillion yen, operating income of 1.8 trillion yen and net income of 1.37 trillion yen.