Toyota takes a knock from stronger yen and lower sales in North America
Tokyo — Toyota’s net profit for the April-September quarter dived 25%, hit by a sharp rally in the yen and another fall in North American sales, but it upgraded its full-year outlook.The world’s biggest car maker reported a net profit of ¥946.1bn ($9.1bn) in the first half of its fiscal year, down from ¥1.25-trillion in the same period in 2015.Operating profit fell nearly 30% to ¥1.11-trillion, while revenue was off 7.2% at ¥13.07-trillion, Toyota said on Tuesday. However, the Corolla and Prius hybrid maker boosted its full-year to March net profit forecast to ¥1.55-trillion from an earlier ¥1.45-trillion estimate.The newest figure is still way down from a record ¥2.31-trillion net profit in the most recently ended business year.The decline in profit underscores the negative effect of a resurgent currency on companies doing much of their business abroad.Japan’s exporters reaped windfall profits over the past few years as government efforts to kickstart the world’s number three econo...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.