Toyota Motor Corp., on Friday said the company has sharply downgraded its earnings and total sales forecast for this fiscal year through March.
The Japanese automaker expects to book a net profit of 180 billion yen ($2.3 billion), down 54 percent from the 390 billion yen it projected in August. It estimates leaner revenue of 18.2 trillion yen ($234.36 billion) from 19 trillion yen.
In addition, Toyota said it expects the group to sell 7.38 million vehicles globally in the year to next March 31, down from the 7.60 million vehicles forecast that it withdrew last month due to disruptions from the Thai floods.
“The full-year consolidated and unconsolidated financial forecasts for FY2012 were tentatively undecided because we could not make reasonable forecasts due to the effects of the 2011 floods in Thailand. Based on information available at the moment and our current estimations, we now amend our forecasts as above.
We believe the consolidated vehicle sales will be 7,380 thousand units for the full-year. The assumption of the foreign exchange rate is 78 yen per U.S. dollar and 109 yen per Euro, for the full-year average.”, the company said in a statement.
The firm lost output of 215,000 cars globally between 10 October and 25 November.
Japanese auto makers have had a tough year so far, with both the March earthquake and Thailand’s disaster affecting their production.