TOKYO • Japanese car giant Toyota yesterday slashed its full-year net profit forecast after profits tumbled nearly 30 per cent in the first nine months.
The maker of the Camry sedan and Prius hybrid now expects annual net profit of 1.87 trillion yen (S$23 billion) instead of the 2.3 trillion yen it projected three months ago.
The new forecast represents a 25 per cent plunge from the last year.
Its net profit for the nine months to December came to 1.42 trillion yen, down 29.3 per cent from the same period the previous year.
Operating profit rose 9.5 per cent to 1.94 trillion yen on sales of 22.5 trillion yen, a rise of 3.1 per cent.
Fellow Japanese automaker Honda last week logged a net profit fall of 34.5 per cent for the nine months to December, but revised up its full-year forecasts due to strong motorcycle sales.
Nissan is to announce results next week, the first since its former chief executive Carlos Ghosn was arrested on Nov 19 last year for financial misconduct.
Toyota's revised annual net profit forecast, which represents a 25 per cent plunge from the last year.