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Thursday, 5th November 2009
In Business In Japan,

Toyota posts improved figures

Japanese car manufacturer Toyota has posted an improved profit forecast which sees the firm make a return to profit.

Toyota - which is the biggest car maker in the world - posted a net profit of 21.8 billion (£146 million) for the quarter ending September and also announced it is cutting its predicted losses for the business year to March 2010 from 450 billion yen to 200 billion.

Back in May, the firm released its worst ever annual loss for the year ending March 2009, when it lost almost 437 billion yen.

The economic downturn has had a severe impact on the Japanese car industry, with both Toyota and Honda cutting jobs and production in a bid to save cash.

Both firms have also pulled out of Formula One due to the current economic climate.

However, despite Japan suffering its deepest recession since the Second World War, the new figures from Toyota may point towards a recovery for the country's economy.

Written by Kimberley Homer.

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