This archive report was first published on 6 August 2020.
On August 6, 2020, Toyota issued a warning of a 64 percent drop in full-year net profit, citing the impact of the COVID-19 pandemic on the global auto market.
The company, which had previously declined to give a bottom-line forecast, now projects net profit at 730 billion yen ($6.9 billion) for the fiscal year to March, down from 2.07 trillion yen the previous year.
Toyota's forecast of annual operating profit remained unchanged at 500 billion yen, down nearly 80 percent from the previous year.
‘The impact of COVID-19 is wide-ranging, significant and serious, and it is expected that weakness will continue for the time being,’ Toyota said in a statement.
The warning comes as Toyota reported a 74.3 percent plunge in net profit for the three months to June, with quarterly revenue down more than 40 percent.
