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Toyota Motor Corp.

’s settlement with the U.S. government over unintended-acceleration claims contributed to a 5 percent decline in net income during the January-March quarter, but that didn't stop the world’s largest automaker from achieving record full-year profits.

Toyota reported a net income of 297 billion yen ($2.89 billion) in the company’s fiscal fourth quarter ended March 31, compared with 313.9 billion yen ($3.05 billion) a year earlier.

Global revenue grew 13 percent to $63.9 billion in the three months, as vehicle retail sales increased 6 percent to 2.58 million units, the company said today.



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