Toyota Industries Corporation (TICO) has reported a 24% growth in its consolidated net sales to JPY2,007.8 billion (USD19.6 billion) for the fiscal year ended 31 March 2014.

TICO says the materials handling equipment market as a whole expanded globally, with the markets in China and North America showing growth, the European market displaying a recovery, and the Japanese market maintaining solid sales. Against this operating climate, TICO strengthened its production and sales structures and rolled out new products matched to respective markets. TICO also expanded its business domain, through such subsidiaries as forklift attachment manufacturer Cascade Corporation, which joined TICO in March 2013. These activities led to an increase in unit sales worldwide, resulting in a 36% net sales growth of the materials handling equipment segment to JPY809.2 billion (USD7.9 billion).

TICO is anticipating further growth, forecasting JPY880.0 billion (USD8.6 billion) for net sales in the materials handling equipment segment for fiscal 2015.

In its non-materials handling operations, net sales of the automobile segment increased 17% to JPY1,006.6 billion (USD9.846 billion), while net sales of the logistics segment grew by 2% to JPY95.3 billion (USD932 million). Net sales of the textile machinery segment expanded by 83% to JPY73.1 billion (USD715 million), while net sales of the other segments decreased by 14% to JPY23.4 billion (USD229 million).

The group posted consolidated operating income of JPY107.6 billion (USD1.052 billion), 40% higher than the previous fiscal year and ordinary income of JPY138.1 billion (USD1.351 billion), an increase of 59%. Net income totalled JPY91.7 billion (USD897 million), an increase of 73% from the previous fiscal year.