Toyota Sees First Profit Drop in Five Years on Yen Strength
- Forecast for 35% profit plunge misses analyst estimates
- Currency hit seen exceeding Nissan, Honda's profit forecasts
Toyota Sees Profit Drop 35% on Yen Strength
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Toyota Motor Corp. said annual net income will probably decline for the first time in five years, as currency swings that had spurred record profits now pose stiff headwinds.
Net income may drop 35 percent to 1.5 trillion yen ($13.8 billion) for the fiscal year ending in March, Japan’s largest company said in a statement Wednesday. The forecast trailed the 2.19 trillion yen average of 23 analysts’ estimates compiled by Bloomberg.