Toyota cuts forecast as nine-month net profit dives 30%

A Toyota car showroom in Tokyo yesterday. The Japanese car giant's 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. It now expects annual net profit of 1.87 trillion yen
A Toyota car showroom in Tokyo yesterday. The Japanese car giant's 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. It now expects annual net profit of 1.87 trillion yen instead of the 2.3 trillion yen it projected three months ago.PHOTO: AGENCE FRANCE-PRESSE

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.

  • $23b

    Toyota's revised annual net profit forecast, which represents a 25 per cent plunge from the last year.

AGENCE FRANCE-PRESSE

A version of this article appeared in the print edition of The Straits Times on February 07, 2019, with the headline 'Toyota cuts forecast as nine-month net profit dives 30%'. Print Edition | Subscribe