Toyota Motor Corp. said Tuesday its group net profit for the April-June period dropped 99.4 percent from a year earlier to ¥1.16 billion due chiefly to the production fall caused by the March earthquake and tsunami.
But the automaker revised upward its earnings projections for the business year through March, bolstered by a faster than expected recovery in vehicle production.
Toyota now expects to post a group net profit of ¥390 billion, up from ¥280 billion forecast in June, on sales of ¥19 trillion, up from ¥18.6 trillion projected earlier.