Toyota post Q1 loss, lifts cautious forecasts
Toyota Motor Corp reported its third straight quarterly loss but lifted its bearish forecast to call for a smaller loss this year as deep cost reductions help make up for some of the slump in global vehicle sales.
Tokyo: Toyota Motor Corp reported its third straight quarterly loss but lifted its bearish forecast to call for a smaller loss this year as deep cost reductions help make up for some of the slump in global vehicle sales.
The world`s top automaker made an operating loss of 194.9 billion yen (USD 2.04 billion) in the April-June quarter, which saw two US automakers succumb to bankruptcy.
That compared with a profit of 412.6 billion yen a year earlier and a consensus loss estimate of 326 billion yen in a survey of five analysts polled by media agencies.
Toyota lost a net 77.8 billion yen, swinging from a profit of 353.7 billion yen in the first quarter a year ago.
For the year to March 31, 2010, the maker of the Prius hybrid forecast an operating loss of 750 billion yen and net loss of 450 billion yen, better than its projections three months ago for a losses of 850 billion yen and 550 billion yen, respectively.
A survey of 22 analysts by agencies put the operating profit forecast at a smaller 467 billion yen loss.
Toyota is bleeding losses as sales sink by double-digits in Japan, Europe and the United States despite help from some government programmes to encourage vehicle purchases.
Shares of Toyota have gained 37 percent in the year to date, against a 17 percent rise in the benchmark Nikkei average.