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Thursday, May 8, 2025, 15:04 GMT+7

Toyota forecasts 34.9% drop in net profit

TOKYO -- Japan's Toyota Motor Corp. on Thursday said that its consolidated net profit for the current fiscal year ending in March 2026 is expected to drop 34.9 pct from a year earlier to 3.1 trillion yen.

Toyota forecasts 34.9% drop in net profit

An employee works under a Toyota Motor Corp logo at the company's showroom in Tokyo, Japan, February 5, 2016. Photo: Reuters

The fall reflects the full-blown impact of high tariffs imposed by the administration of U.S. President Donald Trump. Toyota said that its operating profit would be pushed down by 180 billion yen over the two months through this month.

On the other hand, the automaker's consolidated sales in the latest year that ended in March this year rose for the fourth consecutive year to hit a record high of 48,036.7 billion yen, up 6.5 pct from the previous year.

Although Toyota experienced hiccups in group auto production in Japan due to a test fraud scandal, it enjoyed the sales growth thanks to robust hybrid vehicle sales mainly in North America and Europe amid the yen's weakness.

Its operating profit decreased 10.4 pct to 4,795.5 billion yen, and its net profit by 3.6 pct to 4,765 billion yen. The drops were likely due to rising personnel costs and expenses related to the testing scandal at subsidiary Hino Motors Ltd.

Jiji Press

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