Toyota Motor is now expected to post a 2008 financial year group operating loss of JPY400bn, up from JPY150bn, according to Japanese media reports on Friday.
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Toyota had earlier said the expected loss – its first ever – would be JPY150bn but “sources familiar with the matter” told Kyodo News today the automakers was now expected to forecast a JPY400bn consolidated operating loss.
A “company source” told Reuters on Friday that loss would likely expand, citing massive production cuts planned in the coming months, the Nikkei business daily also said the loss may reach JPY400bn and national broadcaster NHK said Toyota was planning to revise down its earnings forecast for the third time since November.
NKK also said Toyota was preparing to slash production further as sales continue to decline.
A Toyota Europe spokeswoman said the automaker would release its third fiscal quarter results on 6 February and would not be making any comment until then.
