Toyota Motor Corporation (TMC) today announced financial results for the six months ended September 30, 2009 in Tokyo. On a consolidated basis, the net revenues for the first half of the fiscal year totaled 8.378 trillion yen, ~$93 billion, a decrease of 31% compared to the same period last fiscal year.
Operating income decreased from 582.0 billion yen to a loss of 136.9 billion yen, ~$1.5 billion, while income before income taxes and equity in earnings of affiliated companies was a loss of 63.0 billion yen. Net income decreased from 493.4 billion yen to a loss of 56.0 billion yen or $620 million, which is a swing negative of more than $6 billion.
Operating income, compared to the same period last fiscal year, decreased by 718.9 billion yen or almost $8 billion. Major factors contributing to the decline include 910.0 billion yen due to the effects of sales volume and mix and 320.0 billion yen due to the appreciation of the Japanese yen against the U.S. dollar and the Euro, which overrode the positive impact of our reduction in fixed costs and cost reduction efforts,” the company said in a statement.
As part of its ongoing cost cutting to stem the flow of red ink, Toyota announced it is withdrawing from Formula One Racing, following a withdrawal by Honda last year, and BMW this year.