Profits go down at car giant Toyota
Toyota Motor Corp says January-March profit slipped 4 per cent year-on-year to 426.6 billion yen (Dhs14.4 billion). The Japanese automaker is projecting a 35 per cent plunge in profit for the fiscal year through March 2017. Toyota said yesterday it expects 1.5 trillion yen in annual profit but warned that doesn’t account for recent production stops over supply shortages caused by a quake in southwestern Japan. Toyota, which makes the Prius hybrid, Camry sedan and Lexus luxury models, has had record profits for three years straight. But the perks from a weak currency that are a boon for Japan’s exporters such as Toyota have dwindled in recent months. For the fiscal year ended March, Toyota’s profit totalled 2.3 trillion yen, which was up 6.4 per cent.