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First profit fall for Toyota in five years

10th May 17 11:18 am

What’s to blame?

Japanese car firm Toyota has seen its profits fall for the first time in five years.

The business stated that it managed to sell more cars in the year to March 2017 than the previous 12 months. High costs and currency fluctuations affected results.

The profit of 1.83 trillion yen ($16.1bn; £12.4bn) was down 21 per cent from 2016-17.

Toyota has also warned that next year’s profits will be lower, this is due to the strength of the Japanese currency.

This prediction is based on a forecast that the yen will average around 105 to the US dollar in the year through to March 2018, compared with 108 yen in the last financial year.

Toyota sold 10.25m vehicles over the year, this is up from 10.18m a year earlier.

Despite this though income from those sales was slightly down at 27.6 trillion yen.

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