Open

Coming up

Don't miss

Replay


LATEST SHOWS

DEBATE

Gaza: A Truce At All Costs?

Read more

AFRICA NEWS

Central African Republic: Brazzaville ceasefire talks deliver fragile deal

Read more

FOCUS

Sluggish tourist season in Crimea

Read more

ENCORE!

Bartabas : Mixing Christ with Spanish music and dancing horses

Read more

IN THE PAPERS

Shifts in the propaganda war waged between Israelis and Palestinians

Read more

IN THE PAPERS

French MPs face quandary in pro-Palestinian rallies

Read more

THE INTERVIEW

Yezid Sayigh, Senior Associate at the Carnegie Middle East Center in Beirut

Read more

#TECH 24

Mind the Gender Gap : getting more women into the tech sector

Read more

INSIDE THE AMERICAS

Bolivian children: heading to work aged 10

Read more

  • Wreckage from missing Algerian plane reportedly found: Malian TV

    Read more

  • France says missing Algerian plane 'probably crashed'

    Read more

  • Deadly strike on UN shelter in Gaza Strip

    Read more

  • Pope meets with Sudanese Christian woman sentenced to death for apostasy

    Read more

  • Algerian jet vanishes: 'We should eliminate the missile hypothesis'

    Read more

  • Italy’s Nibali cruises to easy victory in 18th stage of Tour de France

    Read more

  • Iraqi parliament elects moderate Kurd as president

    Read more

  • US, European aviation agencies lift travel restrictions to Tel Aviv

    Read more

  • No end to fighting until Israel ends Gaza blockade, Hamas says

    Read more

  • Two foreign women shot dead in western Afghanistan

    Read more

  • At least 60 killed in attack on prison convoy near Baghdad

    Read more

  • Cycling is ‘winning the war on doping,’ says expert

    Read more

  • Ceasefire agreed for Central African Republic

    Read more

  • Can Jew-kissing-Arab selfie give peace a viral chance?

    Read more

  • Botched Arizona execution takes nearly two hours

    Read more

Business

Toyota reports first-ever annual loss, 3.3 billion euros

Latest update : 2009-05-08

Japan's Toyota Motor, the world's largest automaker, announced an annual net loss of 436.9 billion yen (3.3 billion euros), its first ever, and warned that it would plunge deeper into the red this year due to the global economic downturn.

AFP - Japan's Toyota Motor, the world's largest automaker, announced Friday its first annual loss and warned it would plunge deeper into the red this year because of the global economic downturn.
  
The company reported a net loss of 436.9 billion yen (4.4 billion dollars) for the year to March, a dramatic turnaround from the previous year's profit of 1.72 trillion yen.
  
It logged an operating loss of 461.0 billion yen, against a year-earlier profit of 2.27 trillion yen. Revenue slumped 21.9 percent to 20.53 trillion yen.
  
Toyota president Katsuaki Watanabe blamed "the significant deterioration in vehicle sales particularly in the US and Europe, the rapid appreciation of the yen against the US dollar and the euro and the sharp rise in raw materials."
  
The grim results from once-invincible Toyota underscore the depth of the crisis in the worldwide auto industry, which has been battered by a slump in sales as people stop buying cars during the recession.
  
Toyota expects an even worse performance in the current business year to March, predicting a net loss of 550 billion yen and an operating loss of 850 billion yen, or about 8.6 billion dollars.
  
The global economy is expected to take some time to recover, said Watanabe, who will soon be replaced by Akio Toyoda, the grandson of the automaker's founder, at the helm.
  
Watanabe said the company would expand its line up of fuel-sipping hybrid cars this year and cut costs as part of efforts to return to profit.
  
Toyota overtook General Motors in 2008 to become the world's top selling automaker, but only because the Detroit giant's sales fell faster than its own.
  
The Japanese company has idled plants and slashed thousands of temporary jobs in response to its biggest ever crisis.

Date created : 2009-05-08

COMMENT(S)