Toyota's annual profit falls by 24.5%

The company projects profit growth in the current fiscal year, but the forecast was worse than market expectations. The company's net profit at the end of the financial year, which ended on March 31, 2019, fell by 24.5% to 1.88 trillion yen ($ 17.07 billion).

Operating profit rose 2.8% to 2.467 trillion yen. Revenue increased by 2.9% to 30.225 trillion yen.

Car sales grew by 12.4 thousand to 8.977 million cars. At the same time, sales in Japan decreased by 29 thousand to 2.226 million cars, in North America - by 61 thousand to 2.745 million cars. Sales in Europe grew by 26 thousand to 994 thousand cars, in Asia - by 141.7 thousand to 1.683 million cars.

According to Toyota's forecast, net profit in the current financial year will increase by 19.5% to 2.25 trillion yen, operating profit - by 3.3% to 2.55 trillion yen, but revenue will decrease by 0.7% to 30 trillion yen.

The company announced plans to buy up to 1.7% of its own shares for 300 billion yen.

Toyota shares fell on Wednesday by 0.95%, the company's capitalization has increased by 5.5% from the beginning of the year to 22.53 trillion yen ($ 200 billion).

source: ft.com