August 6, 2020

Toyota warns of 64% drop in full-year net profit

Tokyo (AFP) – Toyota on Thursday warned of a 64 percent drop in full-year net profit and reported a slump in quarterly earnings, as the coronavirus pandemic shreds the global auto market.Japan’s top car maker, which had previously declined to give a bottom-line forecast because of ongoing uncertainty, now projects net profit at 730 billion yen ($6.9 billion) for the fiscal year to March, down from 2.07 trillion yen the previous year.Its forecast of annual operating profit remained unchanged at 500 billion yen, down nearly 80 percent from the previous year.”The impact of COVID-19 is wide-rangin…


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