Toyota says annual profit drops 21%, first fall in five years

Peace and Freedom

AFP

© AFP | Toyota, which lost its crown last year to Volkswagen as the world’s top-selling automaker, expects a net profit of 1.5 trillion yen in the current year to March 2018

TOKYO (AFP) – 

Toyota said Wednesday its annual net profit fell for the first time in five years, with the Japanese automaker unexpectedly warning of more declines as a stronger yen takes a bite out of its bottom line.

The Corolla and Prius hybrid maker posted a profit of 1.83 trillion yen ($16 billion) on slightly lower revenue of 27.6 trillion yen for the recently ended year to March — well down from a record 2.31 trillion yen net profit the previous year.

Toyota, which lost its crown last year to Volkswagen as the world’s top-selling automaker, expects a net profit of 1.5 trillion yen in the current year to March 2018 — way off market expectations around…

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