Strong yen sends Toyota's quarterly profit sinking 36 pct
TOKYO (AP) — Toyota Motor Corp. says July-September profit sank 36 percent, hammered by the strong yen, which erodes the overseas earnings of Japanese exporters.
The Japanese automaker reported Tuesday that fiscal second quarter profit totaled 393.7 billion yen ($3.8 billion), down from 611.7 billion yen the same period the previous year.
Quarterly sales slipped nearly 9 percent to 6.48 trillion yen ($62.3 billion).
The manufacturer of the Prius hybrid, Camry sedan and Lexus luxury model expects to sell 10.1 trillion vehicles worldwide through March 2017, including sales by affiliates Hino Motors and Daihatsu Motor Co.
Toyota raised its annual profit forecast to 1.5 trillion yen ($14.4 billion) from an earlier 1.45 trillion yen ($13.9 billion). But that's still below the 2.3 trillion yen it earned last year.