Toyota Q2 operating profit tumbles on strong yen

[TOKYO] Toyota Motor Corp on Tuesday reported a 43 per cent slide in second-quarter operating profit as the automaker continued to smart from a strong yen.

Operating profit at the world's top-selling automaker was 474.6 billion yen (US$4.55 billion) in the July-September period, compared with 827.4 billion yen a year earlier.

The result was roughly in line with the 476.26 billion yen average of 12 estimates from analysts surveyed by Thomson Reuters I/B/E/S.

Toyota changed its full-year budgeted yen rate to 103 versus the US dollar and 114 to the euro, from 102 and 113 respectively. It maintained its forecast for full-year operating profit at 1.6 trillion yen, which would be its lowest since 2013.

REUTERS