Toyota Expects First Operating Loss in 71 Years

Business | December 22, 2008, Monday // 00:00| Views: | Comments: 0

Toyota said they expect to record first operating loss in 71 years on surging yen and fall in exports as the global financial crisis deepens.

In a statement, the world's second-largest automaker said it cut its group operating forecast to a loss of JPY 150 billion (USD 1.7 billion) for the year to end-March, after announcing last month it slashes its group operating profit forecast by JPY 1 trillion to JPY 600 billion.

Automakers around the world are facing hard times due to sharp decline in demand over the financial crisis.

Lats week the Bush administration agreed a USD 13 billion bailout of its ailing automakers GM, Chrysler and Ford.
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Tags: Global Financial Crisis
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