Toyota’s April-June Net Profit Down 74.3 Pct

Economy

Tokyo, Aug. 6 (Jiji Press)--Toyota Motor Corp. <7203> on Thursday reported a consolidated net profit of 158,843 million yen for the April-June quarter, down 74.3 pct from a year earlier.

In the first quarter of fiscal 2020, the leading Japanese automaker’s revenues slumped 40.4 pct to 4,600,796 million yen, and its operating profit plummeted 98.1 pct to 13,920 million yen.

Toyota saw demand for new automobiles sharply fall amid the spread of the novel coronavirus around the world.

For the whole of fiscal 2020, the company projected an operating profit of 500 billion yen, down 79.2 pct from fiscal 2019, and a net profit of 730 billion yen, down 64.1 pct, as well as revenues of 24 trillion yen, down 19.6 pct.

Meanwhile, Toyota revised up its fiscal 2020 global vehicle sales estimate to 9.1 million units from 8.9 million units.

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Jiji Press