SEARCH

Entries in Toyota Earnings (1)

Friday
Nov052010

Toyota Earnings Through the Roof, But Dark Clouds Loom

Courtesy - Toyota(NEW YORK) -- Despite 11 million recalls, mostly in its key U.S. market, and a soaring yen, Toyota's earnings for the quarter ending September 30th are up.  Toyota boasted earnings of 9,678 billion yen, or $1.2 billion. That's a 15 percent increase over last year. 

The company credits 90 billion yen in cost reductions and strong sales in Asia. 

Experts sound a note of caution over the near future as Toyota predicts a much smaller profit for the second half of the year.  The strength of the yen is presenting a big challenge.

The Financial Times quotes Toyota's Chief Financial Officer, Satoshi Ozawa, saying the carmaker might move more production outside Japan if profits in the six months to March declined further than expected.

Friday's comments may add pressure on the government over the yen’s climb toward a 15-year high against the dollar.   Ozawa says the carmaker is losing competitiveness.

Copyright 2010 ABC News Radio







ABC News Radio