Toyota Motor Co. pointed its corporate finger at the March 11 Japanese earthquake and tsunami for the 99% decline in its earnings for the first-quarter of its latest fiscal year – but longer-term concerns about the strong yen pose problems that could extend well into the future, the automaker warned.
The maker raised a previously bleak earnings forecast for the full 2012 fiscal year, but the increase still fell below the general consensus of industry analysts who have been observing the maker’s ongoing recovery from the March disaster, which cost Toyota 599,000 units of last production for the April – June quarter.
“In Japan and North America where the effects of the earthquake were particularly serious, vehicle sales declined substantially,” noted TMC Senior Managing Officer Takahiko Ijichi.
For the quarter ending June 30, Toyota’s net income plunged to just 1.1 billion yen, or $14 million, down from 190 billion yen, or $2.5 billion, a year earlier. Sales and revenues fell by 30%, to 3.44 billion yen, or $44.5 million.