reported a sharp decline in net profit for its fiscal third quar

Toyota profit slides as yen weighs on earnings

 

Published: Feb 6, 2017 3:55 a.m. ET

 

 

By

SeanMcLain

 

TOKYO-- Toyota Motor Corp. reported a sharp decline in net profit for its fiscal third quarter, as the relatively strong yen continued to weigh on earnings.

The company said its net profit fell to 486.5 billion yen ($4.3 billion) from Yen627.97 billion a year earlier. Revenue fell to Yen7 trillion from Yen7.34 trillion a year earlier.

Toyota and other Japanese exporters are being hammered by the yen's strength. A U.S. dollar bought Yen109 on average in the third quarter; a year earlier, it bought Yen121.

Toyota has a glut of used cars in the U.S.--fueled by years of record sales--which is weighing on new car prices. For the third quarter, North America operating profit fell to Yen101.3 billion Yen141.8 billion a year earlier.

 

Toyota said it is ramping up production of more-profitable trucks and sport-utility vehicles in an effort to increase profit.

Toyota raised its full-year profit outlook to Yen1.7 trillion yen from Yen1.55 trillion yen.

Write to Sean McLain at [e-mail]

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