Toyota facing first profit drop in 5 years
Net income may fall 35 per cent for fiscal year ending in March as currency swings pose stiff headwinds
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Tokyo
TOYOTA Motor Corp said that annual net income will probably decline for the first time in five years, as currency swings that had spurred record profits now pose stiff headwinds.
Net income may drop 35 per cent to 1.5 trillion yen (S$19 billion) for the fiscal year ending in March, Japan's largest company said on Wednesday. The forecast trailed the 2.19 trillion yen average of 23 analysts' estimates compiled by Bloomberg.
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