Toyota's Fiscal-Year Net Profit Falls 20%

Industries Dow Jones Newswires

(Reuters)

Toyota Motor said its fiscal-year profit fell sharply as the U.S. market slowed and a relatively strong yen ate into profit. 

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Japan's largest car maker said net profit declined 20% to 1.8 trillion yen ($16 billion), in spite of increased sales volume. 

A dollar bought 109 yen on average this year, compared with around 120 a year earlier. Toyota said adverse currency movements erased 940 billion yen from its operating profit. 

Revenue declined 3% to 27.6 trillion yen. 

The company expects net profit to decline slightly to 1.5 trillion yen this fiscal year, based on an average exchange rate of 105 yen per dollar.

 

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Write to Sean McLain at sean.mclain@wsj.com