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Toyota Q1 Profit Plunges; Backs FY21 Operating Income, Sales Outlook

Japanese automaker Toyota Motor Corp. (TYT.L,TM) reported Thursday that its first-quarter attributable net income dropped 74.3 percent to 158.84 billion yen from 619.13 billion yen last year.

Earnings per share plunged to 56.87 yen from 216.19 yen a year ago.

Operating income for the first quarter decreased 98.1 percent to 13.92 billion yen from 740.61 billion yen last year.

Net revenues were 4.60 trillion yen, down 40.4 percent from 7.72 trillion yen in the prior year.

Vehicle sales were 1.16 million units, lower than 2.32 million units last year.

Looking ahead, for the fiscal year ending March 31, 2021, the company now expects attributable net income of 730 billion yen or 261.15 yen per share, down 64.1 percent from last year. The outlook was undetermined earlier.

Further, the company continues to expect operating income of 500 billion yen and sales revenues of 24 trillion yen. The outlook represents a 79.2 percent decline in operating income and 19.6 percent decline in sales revenues from last year.

The company continues to expect consolidated vehicle sales for the fiscal year of 7.0 million units, although it expects an increase.

Separately, the company announced certain changes to operating officer and senior managements' areas of responsibility, effective September 1, 2020.

In Japan, Toyota shares traded at 6,800 yen, up 2.29 percent.

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