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Toyota has unexpectedly returned to profit for the first time in nine months, just a day after announcing it would be pulling out of Formula One.

The Japanese firm posted a 21.8 billion yen (£145 million) profit for the second quarter of the current financial year, which ended three consecutive quarterly losses.

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In the last financial year, Toyota recorded the worst financial loss in its history and had originally forecast a 450bn (£3bn) yen loss this year. But on posting its current quarter results, Toyota said it now expects to see a loss of 200bn yen (£1.3bn).

The firm has also revised its targets for new car sales this year by 6.5 per cent, to 7.03m units.

Toyota pulled out of Formula One yesterday, citing financial reasons. CEO Akio Toyoda said the firm could no longer commit the necessary funding to be able to compete in the sport and was focused on developing exciting road cars instead.

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