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Thursday, 12th May 2011
In Business In Japan,

Toyota posts steep fall in quarterly profits

The world's biggest carmaker Toyota has published its quarterly financial results, which show a steeper-than-expected fall in profits following the March 11th earthquake.

Despite not offering a forecast for the current year, the manufacturer has said that output would begin to recover two months earlier than it had previously estimated as parts makers come back on line, Reuters reported.

Toyota has the biggest Japan exposure of any major carmaker, with 38 per cent of its vehicles being manufactured in the country.

The company added that the current high rate of the yen against the dollar was a main obstacle to its aim to break even this year.

Akio Toyoda, president of the carmaker, said: "The auto industry has a very broad reach, and we have the ability to drive Japan's recovery during these very tough times."

He added that he would not be moving production out of the country because the company was "born" and "raised" in Japan.

Written by Susan Ballion

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