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Fri June 10, 2011
Toyota expects fiscal year profit to fall 31 percent
TOKYO (AP) - Toyota says its profit for the fiscal year through March 2012 will fall 31 percent to 280 billion yen ($3.5 billion) in an outlook that underlines a robust recovery in the latter half of the fiscal year from the damage of an earthquake and tsunami.
Toyota Motor Corp. made the announcement Friday. It had not given an earnings forecast earlier because of uncertainties in its production outlook after the disasters on March 11 wiped out key parts suppliers in northeastern Japan.
Last month, it said January-March quarterly profit crumpled more than 75 percent because of the parts shortage that is hurting production.