Tokyo, August 04: Toyota reports a 77.8 billion yen ($819 million) loss for the fiscal first quarter as global sales plunged and a strong yen reduced the value of its overseas earnings.
But the world’s top automaker trimmed its loss forecast for the full fiscal year through March 2010 Tuesday to 450 billion yen ($4.7 billion), better than the 550 billion yen ($5.8 billion) it had initially projected.
Toyota Motor Corp.’s red ink for the April-June period was smaller than expected, underlining the success of cost cuts.
Toyota says government stimulus measures aimed at boosting sales of green vehicles are also helping.
–Agencies