Toyota Posts 29.5% Drop in Operating Profit

Toyota Motor Corp. reported Tuesday that its group operating profit in April-September fell 29.5% from a year earlier to 1.12 trillion yen ($10.73 billion), marking its first profit decline for the six-month period in five years, as the yen's advance weighed on profitability despite strong sales in Asia.

    The world's biggest vehicle maker reported a net profit of 946.1 billion yen ($9.1 billion) in the first half of its fiscal year, down from 1.25 trillion yen in the same period last year, while revenue slipped 7.2% to 13.07 trillion yen.

    Still, Toyota raised its profit forecast for the year through March, projecting an operating profit of 1.70 trillion yen, down 40.4% from the last fiscal year but up from its previous outlook of 1.60 trillion yen.

    Group net profit was forecast at 1.55 trillion yen, up from its earlier estimate of 1.45 trillion yen. The latest figure represents a 33.0% drop.