Tokyo: Toyota Motor Corp posted a 32 percent drop in quarterly operating profit and withdrew its full-year profit forecasts as Thai floods pose a fresh threat to production while supply shortages from the March earthquake kept output low.
Toyota is also drowning under a stubbornly strong yen, which is making its annual exports of 1.5 million vehicles from Japan unprofitable and less competitive against cars from the likes of Hyundai Motor Co.
Toyota said on Tuesday its operating profit for July-September was 75.39 billion yen (USD 966 million), worse than an average estimate of 101.3 billion yen in a Reuters survey of 12 analysts. Second-quarter net profit was 80.42 billion yen, down 18.5 percent.
For the year to March 31, 2012, Toyota had forecast an operating profit of 450 billion yen, but it withdrew its full-year forecasts for profit and vehicle sales due to uncertainty surrounding the Thai floods.
First Published: Tuesday, November 08, 2011, 12:25