Toyota expects 79.5 per cent drop in annual profit due to pandemic

Toyota Motor Corp projects operating profit for the current financial year will fall 79.5 per cent year-on-year to 500 billion yen (4.66 billion dollars) due to the coronavirus pandemic, it said Tuesday.

The maker of Prius hybrid and Lexus luxury vehicles also expects its sales revenues for the year to March 2021 to drop 19.8 per cent from the previous financial year to 24 trillion yen, while withholding its net earnings outlook due to the effects of the pandemic, it said.

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For the January-to-March period, Toyota saw its net profit plunge 86.3 per cent year-on-year to 63.2 billion yen and its operating profit fall 27.5 per cent to 384.1 billion yen. Sales were down 8.4 per cent to 7.1 trillion yen for the quarter. (dpa)