Toyota warns of $5 billion fiscal year operating loss
World's largest automaker hit by weakening sales, stronger yen
By Chris Oliver, MarketWatch
Last update: 4:07 a.m. EST Feb. 6, 2009
HONG KONG (MarketWatch) -- Toyota Motor Corp. said Friday losses for the business year ending next month will be larger than it had earlier forecast as sales weaken in Japan and overseas markets, and an appreciating yen trims the value of repatriated foreign earnings.
Toyota said its operating loss will likely widen to 450 billion yen ($4.95 billion) for the fiscal year ending March 31. In December, the Nagoya-based automaker forecast a 150 billion yen operating loss.
The operating loss is Toyota's first since the end of World War II.
"Toyota will be facing a tough time for the next few quarters," said UBS analyst Tatsuo Yoshida in Tokyo.
Read Article