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Article: TOYOTA PROFITS TUMBLE 28 PERCENT AUTOMAKER ALSO EXPECTS FULL-YEAR PROFITS WILL FALL
- Article from:
- Evansville Courier & Press (2007-Current)
- Article date:
- August 8, 2008
- Author:
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Copyright informationCopyright 2008 Evansville Courier & Press (2007-Current). Provided by ProQuest LLC. (Hide copyright information)
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On Thursday, Toyota said its fiscal first-quarter profits
plummeted 28 percent, and the automaker stuck to its forecast that
its full-year profits will fall for the first time in seven years as
it faces more troubles from the weakening U.S. market.
Toyota Motor Corp., which had been riding on the success of its
fuel-efficient cars, has consistently posted growing profit since it
started reporting under U.S. accounting standards. And there's no
previous comparable data that show its annual profits have ever
fallen.
But sliding North American sales, a strong yen and rising
material costs have battered the earnings of the Japanese automaker,
which is on track to end General Motors Corp.'s ...