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Yahoo! My Yahoo! Mail Yahoo! Search Search: Sign InNew User? Sign Up News Home - Help Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Singapore Asia Pacific World Search Search: Toyota posts first loss, sees worse ahead AFP - Saturday, May 9 TOKYO (AFP) - - Toyota Motor, the world's top automaker, announced Friday a 4.4-billion dollar annual loss, its first ever, and warned it would plunge deeper into the red as car sales collapse during the recession. ADVERTISEMENT Toyota lost 765.8 billion yen (7.7 billion dollars) in the quarter to March alone, even more than General Motors, as it idled plants to ride out the biggest crisis in its more than 70-year history. Company president Katsuaki Watanabe blamed the weak performance on a slump in vehicle sales, particularly in the United States and Europe, as well as a stronger yen and higher raw material costs. For the business year to March, the group made a net loss of 436.9 billion yen (4.4 billion dollars), worse than its own forecast and a dramatic turnaround from the previous year's record profit of 1.72 trillion yen. It is the first time that Toyota has finished a year in the red since it started publishing results in 1941. The company, which unseated General Motors last year as the world's top selling automaker, logged an annual operating loss of 461.0 billion yen, against a year-earlier profit of 2.27 trillion yen. Revenue slid 21.9 percent. Toyota actively expanded its global production facilities in recent years to meet brisk demand, particularly for its fuel-efficient cars, leaving it vulnerable to the current collapse in worldwide sales. The maker of Prius hybrids and Corolla compacts saw its global sales fell 15 percent to 7.57 million vehicles last year. It expects an even worse performance in the current business year to March -- a net loss of 550 billion yen and an operating loss of 850 billion yen. Vehicle sales are expected to sink to 6.5 million. "We believe the current difficulty will persist for a while," said Watanabe, who will soon be replaced by Akio Toyoda, the grandson of the automaker's founder. While the Chinese and Indian markets are showing signs of recovery, the outlook for most of the world remains uncertain, he said. The company plans to expand its line up of fuel-sipping hybrid cars and cut costs as part of efforts to return to profit. Toyota fared even worse in the quarter to March than General Motors, which said Thursday it lost six billion dollars. The Japanese company has idled plants and slashed thousands of temporary jobs in response to its biggest ever crisis. Industry analysts say the new president, Toyoda, will probably have to announce more drastic steps when he takes over. The founder's grandson is seen as someone who can unite the company during the current crisis and take some tough decisions about its future. Toyota may have to take painful steps such as closing plants and firing regular workers, something that may be easier for the family scion to do, said Credit Suisse auto analyst Koji Endo. "The founding family is still regarded as a kind of symbol," he said. Toyota did not announce any new steps Friday to overhaul its operations but said it aimed to reduce costs by 800 billion yen this year. Standard and Poor's downgraded its credit ratings on the Toyota to "AA" from "AA+", with a negative outlook, in light of the weak results. "The deterioration in global auto markets will continue to pressure Toyota's profitability and cash flow through at least the current fiscal year, and may delay a recovery in Toyota's operating and financial performance," S and P said. "Global auto demand will almost certainly remain depressed throughout calendar 2009, a situation that is likely to continue into 2010," it added. Further evidence of the industry's woes came from tyre maker Bridgestone, which announced a net loss of 34.9 billion yen for the three months to March, the first quarter of its business year. 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