Toyota has reported a 7.5 per cent rise in quarterly profit due to rapid sales growth in China, Russia and other emerging markets.
The car manufacturer has nevertheless kept its outlook cautious due to the weakness of the US economy and a strengthening yen.
Analysts have said they expect Toyota's steady profit growth to continue, powered by fuel-efficient Prius cars and high-margin Lexus models.
The performance in emerging markets was strengthened by the opening of a new factory in Russia late last year, while capacity has also been increased in Thailand, Brazil, China and Canada.
The good results also shielded the company from the worst effects of the decline in the US, still its major source of profits.
Toyota, which has its UK plant at Burnaston, near Derby, said that global sales for the third quarter rose 5.3 per cent to 2.3 million vehicles thanks to a growth in all markets except North America. Sales in Japan were flat.
As proof of Toyota's success in spreading out its regional portfolio - as well as highlighting the current woes of the US economy - managing director Takeshi Suzuki said North America now accounted for 44 per cent of the car maker's total operating profit for the first three-quarters, down from 57 per cent a year earlier.
For the full business year, Toyota has kept its global vehicle sales forecast unchanged at 8.93 million vehicles, but adjusted the projections by region.
In North America, it lowered its fore-cast by 20,000 units to 2.97 million.
It also cut its projections for the mature Japanese and European markets, while raising the figures for Asia and other regions.
"The US market is temporarily looking down," Mr Suzuki said, but stressed that Toyota planned to keep expanding in that market in the near term with this month's launch of the new Corolla.
Toyota has forecast a slight rise in its US sales this calendar year, although it anticipates softer overall demand.
Toyota's US sales fell 2.3 per cent in January from the year before.
For the period October-to-December net profit was £2.17 billion, slightly higher than the average estimate of £2.15 billion.
Third-quarter operating profit, which excludes earnings made by its Chinese joint ventures, increased 4.7 per cent to £2.85 billion, while revenue rose 9.2 per cent to £31.7 billion.
For the full year ending on March 31, Toyota kept its forecasts unchanged for a net profit of £8 billion and operating profit of £10.9 billion - record results for the seventh consecutive year.
"The company is taking a cautious view for two main reasons: the possibility of the US economy falling into a recession, which will hurt consumption, and the stronger yen," said Mitsushige Akino, chief fund manager at Ichiyoshi Investment Management.
Consensus forecasts from 22 brokerages have predicted a net profit of £8.6 billion and operating profit of £11.6 billion.
Mr Suzuki predicted profits in the fourth quarter would fall from the year earlier due to an assumed 14-yen drop in the dollar, but said Toyota's fundamental ability to expand profits remained intact.
"We're determined to meet our annual targets, even with the tough currency. I don't see this as a sign of a decline in Toyota's profit power," he said.
Meanwhile, Volkswagen has announced that it will invest about £517 million in Mexico within the next three years to support the production of its Jetta model and optimise capacity at its Puebla plant.
Chief executive Martin Winterkorn said: "Puebla - being our only manufacturing base in North America to date - is playing a central role for our growth strategy there."
