Toyota’s quarterly profit down

Toyota’s profit declined 31% in the January-March quarter from the year before, but the Japanese automaker still wrapped up a year of record earnings.

Toyota Motor Corp. reported Wednesday a profit of 533.8 billion yen ($4.1 billion) in the last quarter, down from 777.1 billion yen the previous fiscal year. Quarterly sales rose nearly 6% to 8.1 trillion yen ($62 billion).

Toyota and other automakers have been struggling to keep up with customer demand for their products because of parts shortages caused by the coronavirus pandemic.

The company still sold 8.2 million vehicles around the world during the fiscal year through March, up from 7.6 million vehicles in the previous fiscal year. (AP)

People walk past the logo of Toyota at a showroom in Tokyo Monday, Oct. 18, 2021. Toyota’s profit declined 31% in the January-March 2022 quarter from the year before, but the Japanese automaker still wrapped up a year of record earnings. (AP)