Toyota says profit to tumble 35% on forex, emerging market slowdown

GMT 07:44 2016 Wednesday ,11 May

Arab Today, arab today Toyota says profit to tumble 35% on forex, emerging market slowdown

Tokyo
Tokyo - Arab Today

Toyota on Wednesday warned that its net profit in the current fiscal year would fall by about one-third as a strengthening yen and slowdown in China and other emerging markets dent its bottom line.

The world's biggest automaker said its new forecast for the year to March 2017 does not include the impact of plant shutdowns linked to Japan's deadly earthquakes last month.

The announcement came as Toyota reported a record profit of 2.31 trillion yen ($21 billion) in its recently ended business year.

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