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TOYOTA
Toyota Takes One On The Chin: Profits Fall 28% For The First Quarter of 2008
Slumping US sales of trucks and sports-utility vehicles contributed to a 28% drop in Toyota Motor Corp's net profit for its fiscal first quarter to June 30, even as demand soared for its fuel-efficient models.
Income for the Japan's No. 1 auto maker by sales volume was also battered by a stronger yen, which reduces the value of overseas earnings, as well as higher material costs and losses from vehicle leasing in the U.S.
The weak results are a rare setback for Toyota, whose rapid expansion in sales and profit growth this decade once appeared to be immune to hardships facing other auto makers.
Income for the Japan's No. 1 auto maker by sales volume was also battered by a stronger yen, which reduces the value of overseas earnings, as well as higher material costs and losses from vehicle leasing in the U.S.
The weak results are a rare setback for Toyota, whose rapid expansion in sales and profit growth this decade once appeared to be immune to hardships facing other auto makers.
