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Quake Will Clip Toyota Profits By 35%

But maker forecasts a significant recovery in 2nd half of fiscal year.

by on Jun.10, 2011

Toyota expects to make up much of its lost production of vehicles like the RAV-4 during the second half of its current fiscal year.

Toyota’s balance sheet will take a significant hit as a result of the earthquake and tsunami that struck Northeast Japan earlier this year, the disaster now forecast to reduce the maker’s profits by 35% for the current fiscal year.

The maker’s operating profit is expected to slip to 300 billion yen, or $3.7 billion at the anticipated exchange rate of 82 yen to the dollar – which is also significantly lower than the consensus forecast of 434 billion yen anticipated by 23 analysts surveyed by Thomson Reuters.  But Toyota officials now say they also anticipate a faster recovery than first feared, with production during the second half of the fiscal year, which began on April 1, running substantially higher than originally planned.

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“We will enter a phase of production make-up and recovery and will make up for lost production to the tune of 350,000 units,” said Senior Managing Director Takahiko Ijichi, during a conference call this morning, “so the overall unit production decrease would be 450,000 units” for the full fiscal year.

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