Saturday, August 09, 2008
Toyota reports quarterly profits slide
Carmaker is hit by tough trading conditions
Toyota has reported a 28 per cent drop in quarterly profits.
The Japanese carmaker's April-June net profit fell to 353.66bn yen (£1.66bn), dropping from a record 491.5bn yen a year ago.
Toyota has faced tough trading conditions in recent months, with US sales slumping, raw material prices rising and a strong Yen hurting its export business.
Last month the carmaker cut its 2008 global production and sales forecasts, while outlining plans to idle North American factory lines producing light pickups.
This quarter's profit was higher than the average estimate of 319.5bn yen from seven brokers surveyed by Reuters Estimates, however.
The company reported its operating profit, excluding earnings in China, falling 39 per cent to 412.6bn yen and revenue fell 4.7 per cent to 6,200bn yen this quarter.
The picture is even more gloomy for Toyota's rival General Motors, however, which last week reported a $15.5bn (£7.94bn) quarterly loss.
This was the American carmaker's third-biggest drop in over a century.
DATED: 09.08.08
FEED: MT
Toyota has reported a 28 per cent drop in quarterly profits.
The Japanese carmaker's April-June net profit fell to 353.66bn yen (£1.66bn), dropping from a record 491.5bn yen a year ago.
Toyota has faced tough trading conditions in recent months, with US sales slumping, raw material prices rising and a strong Yen hurting its export business.
Last month the carmaker cut its 2008 global production and sales forecasts, while outlining plans to idle North American factory lines producing light pickups.
This quarter's profit was higher than the average estimate of 319.5bn yen from seven brokers surveyed by Reuters Estimates, however.
The company reported its operating profit, excluding earnings in China, falling 39 per cent to 412.6bn yen and revenue fell 4.7 per cent to 6,200bn yen this quarter.
The picture is even more gloomy for Toyota's rival General Motors, however, which last week reported a $15.5bn (£7.94bn) quarterly loss.
This was the American carmaker's third-biggest drop in over a century.
DATED: 09.08.08
FEED: MT
