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Toyota profit plummets despite moderately solid sales

/ 03:07 PM February 06, 2019
 Toyota profit plummets despite moderately solid sales

FILE – In this Aug. 3, 2018, file photo, a visitor walks through a Toyota showroom in Tokyo. Toyota Motor Corp. said Wednesday, Feb. 6, 2019 its fiscal third quarter profit plunged to 180.9 billion yen ($12.6 billion), about a fifth of what the Japanese automaker earned the previous year, despite relatively solid sales. (AP Photo/Eugene Hoshiko, File)

TOKYO  — Toyota’s fiscal third quarter profit plunged to 180.9 billion yen ($12.6 billion), about a fifth of what the Japanese automaker earned the previous year, despite relatively solid sales, the Japanese automaker said Wednesday.

Toyota Motor Corp.’s October-December profit in 2017 had totaled 941.8 billion yen, helped by perks from U.S. tax reforms.

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Toyota, Japan’s No. 1 automaker, said that profit for the latest quarter was also hurt by unrealized gains and losses in equity securities.

Quarterly sales totaled 7.8 trillion yen ($71 billion), up nearly 3 percent from 7.6 trillion the previous year, according to the maker of the Camry sedan, Prius hybrid and Lexus luxury models.

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Toyota lowered its profit for the fiscal year through March to 1.87 trillion yen ($17 billion), down from 2.5 trillion yen racked up the previous fiscal year, and below its earlier projection for 2.3 trillion yen ($21 billion) profit.

Last week, Japanese rival Honda Motor Co. reported fiscal third-quarter profit fell 71 percent from a year earlier to 168 billion yen ($1.5 billion) as growing incentives, an unfavorable exchange rate and flat vehicle sales offset gains from cost cuts. Quarterly sales were unchanged at 3.9 trillion yen ($36 billion).

Nissan Motor Co. reports earnings next week. /gsg

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TAGS: Cars, Japan, Sales, Toyota
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