Author Topic: TOYOTA BRACED FOR HISTORIC LOSS  (Read 1518 times)

Offline furtune

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TOYOTA BRACED FOR HISTORIC LOSS
« on: December 22, 2008, 12:13:39 PM »
Japan's biggest carmaker Toyota has forecast its first annual loss in 71 years due to plummeting sales and a surge in the value of the yen.

The firm said it expected a loss of 150bn yen (?1.1bn) in yearly operating profits - from its core operations.

Japan also posted a trade deficit of $2.5bn (?1.7bn) in November as exports fell at a record rate.

The rising yen saw export levels down 26.7% from a year earlier, the ministry of finance said.

The carmaker recorded an operating profit of 2.27 trillion yen last year.

Toyota said it still expected to make a profit on a net level for the year ended March but has cut its forecast sharply to 50bn yen, down from a previous estimate of 550bn yen.

It is the second profit warning by Toyota in less than seven weeks.

The latest estimate is far lower than its net profit of 1.7 trillion yen earned the previous year.

Falling sales

Toyota's president Katsuaki Watanabe said that the company now expected to sell 8.96 million vehicles around the world this year, down 4% from the previous year.

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TOYOTA BRACED FOR HISTORIC LOSS
« on: December 22, 2008, 12:13:39 PM »

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