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Toyota reduces profit forecast as yen gains

Aug 04 2016 09:00
Craig Trudell and Yuki Hagiwara

Tokyo - Toyota cut its fiscal-year profit forecast after net income fell in the first quarter, as cheap gasoline pushed US demand away from its car line up toward trucks and a strong yen cut earnings from vehicles sold overseas.

Profit will probably drop to ¥1.45trn for the year ending in March, Toyota said in a statement on Thursday. Net income in the three months through June dropped to ¥552.47bn, beating analysts’ estimates.

toyota  |  yen  |  auto industry  |  industrial
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