Friday, February 13, 2009

Toyota First Annual Net Loss Since 1950

Toyota Sees First Loss Since 1950
Toyota forecast its first annual net loss since 1950 on Friday as plunging demand for cars, especially in the U.S., and the strong yen pummeled earnings at the world's No. 1 automaker.Toyota Motor Corp. reported a 164.7 billion yen ($1.8 billion) loss for the October-December quarter, down sharply from the 458.6 billion yen profit for the same period the previous year. Quarterly sales plunged 28.4 percent to 4.8 trillion yen. Joining a string of Japanese companies that are now expecting to slide into the red for the year, Toyota said it expects a net loss of 350 billion yen ($3.85 billion) for the fiscal year through March -- a stunning reversal from the record 1.72 trillion yen profit it posted the previous year.

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