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Toyota’s Net Profit Drops 25%
Toyota Motor Corp. reports that its operating income for the fiscal year ended March 31 grew 3% to 2.5 trillion yen ($22.4 billion), thanks to cost-cutting efforts.
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Toyota Motor Corp. reports that its operating income for the fiscal year ended March 31 grew 3% to 2.5 trillion yen ($22.4 billion), thanks to cost-cutting efforts.
Retail sales advanced 2% to 10.6 million cars and trucks, including Toyota’s Daihatsu minicar and Hino Truck units. Consolidated net revenue rose 3% to 30.2 trillion yen ($274.5 billion).
But Toyota’s net profit plunged 25% to 1.9 trillion yen ($17.1 billion). The company notes that last year’s results were buoyed by the one-time gain from changes in U.S. corporate tax rules. But Toyota also concedes it fell short of its cost reduction target and failed to save enough to cover increased spending on technology.
Toyota predicts a revived China market will help its net income in the current fiscal year to grow 20% to 2.3 trillion yen ($20.9 billion). Operating profit is projected to rise 3% to 2.6 trillion yen ($23.6 billion).
The company anticipates a 1% gain to 10.74 million retail vehicle sales for the period, but a 1% dip in revenue.
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