InfoAnda - Toyota halves profit forecast due to 'unprecedented' crisis

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Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Secondary Navigation Singapore Asia Pacific World Search Search: Toyota halves profit forecast due to 'unprecedented' crisis AFP - Thursday, November 6 TOKYO (AFP) - - Japan's Toyota Motor Corp. slashed its annual net profit forecast by more than half Thursday, warning the global auto industry faced an "unprecedented" crisis. Toyota, vying with General Motors for the title of the world's top automaker, now expects earnings of 550 billion yen (5.6 billion dollars) in the current year to March, down from the 1.25 trillion yen previously projected. That would mark a decline of 68 percent from the previous year -- the first drop in Toyota's annual earnings in nine years. "The financial crisis is negatively impacting the real economy worldwide, and the automotive markets, especially in developed countries, are contracting rapidly," Toyota executive vice president Mitsuo Kinoshita said. "This is an unprecedented situation. However, we are already taking measures," he said in a statement. Toyota said its first-half earnings tumbled 48 percent to 493.47 billion yen due to a stronger yen and weak global economy. Operating earnings fell 54.2 percent to 582.07 billion yen as revenue declined 6.3 percent to 12.19 trillion yen. "Negative results are largely due to the appreciation of the yen and the decline in vehicle sales under difficult market conditions in the US and Europe," Kinoshita said. Toyota sold 4.25 million vehicles globally in the first half, 51,000 fewer than a year earlier. The global slowdown has badly shaken Japan's automakers, which in recent years have cashed in on worldwide demand for their smaller and more fuel-efficient cars. In North America, the epicentre of the global credit crunch, Toyota made a first-half operating loss of 34.6 billion yen, excluding the positive effect of valuation gains on interest rate swaps. Profits in Europe plunged. Email Story IM Story Printable View Blog This Recommend this article Average (0 votes) Sign in to recommend this article » Most Recommended Stories » Related Articles: Business Turkish yarn maker Sonmez Filament ends outputReuters - Friday, November 7 Thai Oil sees no 2009 output cut despite slowdownReuters - Friday, November 7 Singapore Airlines Q2 net down 36 pct on high fuelReuters - Friday, November 7 Japan MOF plans to keep steady 40-yr JGB issuanceReuters - Friday, November 7 Max simple rate at Turkish repo auction 17.37 pctReuters - Friday, November 7 Enlarge Photo Toyota halves profit forecast due to 'unprecedented' crisis Related Photos Slideshow Full Photo Coverage: Business & Economy Most Popular – Business Viewed Obama wins US election, to become first black president Among Obama's next challenges: his own security US elects Obama as its first black president Obama's grandmother, family 'rock', dies on election eve Stocks, dollar rise as Obama takes White House View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology

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