Japanese automaker Toyota takes a big loss of over $1.4 billion dollars for the first quarter of 2011.
Japanese automaker Toyota reports a $1.4 billion dollar loss for the first quarter of 2011, which marks the first quarterly loss in two years. Total revenues were down nearly 30 percent compared to levels from a year ago while unit sales were down roughly 33 percent. Toyota claims the major factors driving the losses were the tsunami and earthquake that weakened the Yen and affected business throughout the country and world.
Despite Toyota taking a big dive in the first quarter, the Japanese automaker is on track to improve earlier projections of 7,240,000 to 7,600,000 million units for the full fiscal year which ends March 31, 2012. Toyota has updated its expected numbers to show a net income of $5 billion for the fiscal year of 2012. Toyota also intends to drive profitability through continued reduced cost efforts despite the currency strength issues coming from the weak dollar and strong yen.