JAPAN: Toyota profit outlook hit by Thai floods
As Toyota today announced second quarter net profit down a hefty 18.5% on last year, it also withdrew its guidance for fiscal 2012 due to the impact on operations of the floods in Thailand.
In a statement Toyota said that 'more time is needed to complete an assessment of production and sales plans required by the impact of floods in Thailand'.
Second quarter profits were dented by lower sales due to continued parts shortages that resulted from the March 11 earthquake in Japan. Toyota's bottom line also continued to be squeezed by the impact of the strong yen.
Net income in the period June-September was put at JPY80.4bn, 18.5% below the same period of last year.
On a consolidated basis, net revenues for the first half of the fiscal year totalled JPY8,015.9bn, a decrease of 17.2% compared to the same period last fiscal year. Operating income decreased from JPY323.1bn to a loss of JPY32.6bn. Net income decreased from JPY289.1bn to JPY81.5bn.
Commenting on the first half results, TMC Executive Vice President Satoshi Ozawa said: "In Japan and North America, vehicle sales decreased severely compared to the same period last fiscal year due to the large impact of the Great East Japan Earthquake. However, in Asia, despite a negative impact from the earthquake, we increased vehicle sales above the same period last fiscal year due to expanding sales in India, Indonesia and Thailand."