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.