Toyota Motor Corp. said Wednesday that its net profit declined for the first time in five years in the business year that ended in March, a downward trend it expects to continue in the near future amid a stronger yen and global political uncertainty.
The Aichi Prefecture-based auto giant, which lost its crown as the world's top-selling automaker to Volkswagen AG last year, has forecast a ¥1.5 trillion net profit for the business year to March 2018, an 18.1 percent drop from a year earlier. It also said its operating profit is expected to fall 19.8 percent to ¥1.6 trillion.
The forecast followed the company's announcement that it posted ¥1.83 trillion net profit for fiscal 2016 that ended in March, or a 20.8 percent drop from the previous year. The last time Toyota recorded a decline in its net profit was in fiscal 2011.