Toyota feels the impact from the COVID-19 pandemic
The company eked out its smallest quarterly profit in nine years
Stocks impacted: Toyota Motor Corp. (7203)
Toyota reported a profit of 158.8 billion yen ($1.5 billion) in the second quarter, down from 619 billion yen in the same period last year. The company eked out its smallest quarterly profit in nine years as the coronavirus pandemic halved its car sales. Toyota sold nearly 1.2 million vehicles globally during the quarter through June, down from 2.3 million vehicles last year. Quarterly sales dipped 40% to 4.6 trillion yen. Toyota reiterated its forecast for an annual operating profit of 500 billion yen, which would be its weakest in nine years. At the same time, the firm raised its vehicle sales forecast. The automaker is projecting a 730 billion yen ($6.9 billion) profit for the fiscal year through March 2021, down 64% from the previous fiscal year. Toyota’s shares rose 2.29% during the session as the results were anyway not as bad as many feared amid the pandemic.
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