Toyota Follows Honda in Scrapping Forecasts After Thai Floods
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Toyota Motor Corp. became the second Japanese carmaker to scrap its profit forecast after Thailand’s worst floods in almost 70 years hampered the company’s efforts to recover from the record earthquake in March.
Asia’s largest carmaker needs more time to assess the financial toll from the Thai floods, the Toyota city, Japan-based company said in a statement today. Profit fell 19 percent to 80.4 billion yen ($1 billion) in the second quarter ended Sept. 30, missing the 103.5 billion yen average of seven analyst estimates compiled by Bloomberg.