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UPDATE: Toyota Earnings Tumble 31%
Toyota Motor Corp. reported net profit of 283.5 billion yen (€2.7 billion) in the fiscal year ended March 31 compared with 408.1 billion yen (€3.9 billion) the previous year.
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Toyota Motor Corp. reported net profit of 283.5 billion yen (€2.7 billion) in the fiscal year ended March 31 compared with 408.1 billion yen (€3.9 billion) the previous year.
Fiscal-year revenue dipped 2% to 18.58 trillion yen (€178.6 billion). Vehicle sales rose 1% to 7.35 million units.
Operating income fell 24% to 355.6 billion (€3.4 billion). Toyota says the strong yen slashed operating results by 250 billion yen (€2.4 billion). The company lost 70 billion yen (€673 million) because of Japan's earthquake and tsunami in March 2011. Flooding in Thailand last autumn also took a toll.
By region, Toyota's Japan unit narrowed its operating loss to 297 billion yen (€2.9 billion) from 362.4 billion (€3.5 billion) in the previous year. In the rest of Asia, income fell 18% to 256.7 billion yen (€2.5 billion).
In North America, operating income plunged 45% to 186.4 billion yen (€1.8 billion). Earnings from the Latin America unit dropped 32% to 108.8 billion yen €1 billion). European profits jumped 35% to 17.8 billion yen (€171 million).
In the current fiscal year, Toyota predicts it will generate revenue of 22 trillion yen (€211 billion) and sales of 9.6 million vehicles (including its Daihatsu and Hino units). The company expects net income to more than double to 760 billion yen (€7.3 billion) and operating earnings to nearly triple to 1 trillion yen (€9.6 billion).
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