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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 projects operating loss for year AFP - 53 minutes ago NAGOYA, Japan (AFP) - - Toyota Motor Corp. said Monday it forecast a first-ever operating loss in the year through March as the global economic crisis hits the auto industry hard. "We are facing an unprecedented urgent situation," Toyota president Katsuaki Watanabe told a news conference. Japan's top automaker said it expected an operating loss of 150 billion yen (1.69 billion dollars) for the financial year, the first loss since it started reporting annual earnings in March 1941. Toyota said in a statement it was making the cut due to a soaring yen "as well as a review of sales plans following a faster than expected contraction of the auto market." Toyota said it still expected to make a profit on a net level but cut its forecast sharply to 50 billion yen, down from a previous estimate of 550 billion yen. The automaker has enjoyed hefty profits in recent years fuelled by demand overseas, particularly in the United States, for its eco-friendly hybrid cars. Toyota enjoyed operating profit of 2.27 trillion yen in the last financial year. For the current year, Toyota now expects global sales worth 21.5 trillion yen, down from an earlier estimate of 23.0 trillion yen. 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 Ireland unveils euro5.5 billion bank bailoutAP - 27 minutes ago Russian rouble weakens vs dlr/euro basketReuters - 30 minutes ago Asian markets lower amid bleak global economic outlookAFP - 32 minutes ago China says firms can reduce social security payments: state mediaAFP - 34 minutes ago Takeda starts Japan Phase III trials for obesity drugReuters - 35 minutes ago Enlarge Photo Toyota projects operating loss for year Related Photos Slideshow Full Photo Coverage: Business & Economy Most Popular – Business Viewed Global economy seen sinking into 'severe' 2009 recession: report Let poor eat caviar: Milan authorities New Year's hangover? Take two eels and call me in the morning Actress Jennifer Aniston appears naked in GQ magazine Putin warns against any attempt to destabilize Russia View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular

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