Friday, June 22, 2012

Toyota's Gloomy New Forecast Cuts Annual Profits by More than Half

After losing the top spot as the world's largest automaker, Toyota is now halving its profit forecast due to a number of factors, the most important of which are the production disruptions caused by the earthquake and tsunami in Japan in March and the recent floods in Thailand, as well as the strong yen.
Toyota said that it expects to bring in a net profit of 180 billion Yen [US$2.3 billion] for the fiscal year ending March 31, 2012, down 53.8 percent from the 390 billion yen [US$5.04 billion] it projected in August.

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