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Toyota takes 23 percent hit to profit on lower sales, yen
The change from 2015-2016 cost the company 205 billion yen ($1.8 billion) in quarterly operating profit, Toyota said. The forecast is better than its earlier projection of 1.6 trillion yen ($14 billion) profit, but below the 2.3 trillion yen earned in the previous fiscal year. The company, which recently relinquished the crown of world's biggest automaker to German rival Volkswagen, reported its fiscal third quarter profit was 486.5 billion yen ($4.3 billion), down from 627.9 billion yen in 2015. Toyota Motor Corp. said Monday, Feb. 6, that its profit fell 23 percent in the October-December quarter from a year earlier as its sales fell and a stronger yen bit into its overseas earnings. Quarterly sales of the maker of the Prius hybrid, Camry sedan and Lexus luxury cars slipped 3.5 percent to 7.1 trillion yen ($63 billion).
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collected by :John Max