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Toyota quarterly profit slides as strong yen bites

A Toyota Prius C concept car is displayed Tuesday at the Chicago Auto Show. The show opens to the public Friday. 

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A Toyota Prius C concept car is displayed Tuesday at the Chicago Auto Show. The show opens to the public Friday. 

TOKYO — Toyota reported a 39 percent slide in quarterly profit but raised its full-year forecasts as business booms in Asia and other emerging markets while image problems linger in the United States.

The results show a mixed picture for the world's biggest automaker, which is enjoying robust sales in Asia, Africa and South America while still trying to repair its reputation in the key U.S. market after quality lapses.

Toyota Motor Corp. reported Tuesday a net profit of $1.1 billion for its fiscal third quarter. Quarterly sales at the Japanese automaker declined 11.7 percent to $57 billion.

The drop was largely due to damage from the strong yen, which erodes the value of Japanese exports, and the end of government-backed incentives for green cars in Japan, according to Toyota — the world's No. 1 automaker for three consecutive years since dethroning Detroit-based General Motors in 2008.

The maker of the Lexus luxury model, the Camry sedan and the Prius hybrid now expects to sell 7.48 million vehicles worldwide in the year ending March 31, up from the previous forecast of 7.1 million vehicles. The new forecast would mark a 3 percent increase from 7.24 million vehicles sold in the year ended March 2010.

Toyota raised its annual net profit forecast to $6 billion from $4.3 billion and sales revenue forecast to $234 billion.

Toyota quarterly profit slides as strong yen bites 02/08/11 [Last modified: Tuesday, February 8, 2011 10:43pm]
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