By Kosaku Narioka
Toyota Motor Corp. said Thursday that its first-quarter net profit slumped 74%, as the coronavirus pandemic hit sales around the world.
The Japanese auto maker said it booked net profit of 158.84 billion yen ($1.50 billion) for the quarter ended June, compared with net profit of Y619.13 billion a year earlier. That beat the net loss estimate of Y66.73 billion from a FactSet poll of analysts.
First-quarter revenue dropped 40% to Y4.601 trillion.
Operating profit fell 82% to Y77.4 billion for Japan and dropped 61% to Y42.8 billion for Asia excluding Japan, while its North American operations posted Y68.5 billion loss, compared with Y112.6 billion profit a year earlier.
Toyota issued a new net profit guidance, saying it expects net profit to fall 64% to Y730.00 billion for the year ending March 2021. Toyota kept its previously announced fiscal-year revenue forecast, projecting revenue to decline 20% to Y24.000 trillion.
Write to Kosaku Narioka at email@example.com