Tokyo: Toyota Motor Corp said on Friday it lost $6.9 billion in the final quarter and forecast increasing losses this financial year as sales continue to tumble, keeping dozens of its factories underused.
The world’s biggest automaker reported a January-March operating loss of ¥682.5 billion ($6.9 billion), versus a ¥396.7 billion profit a year earlier but in line with a consensus estimate for a loss of ¥689 billion in a survey of 21 analysts polled by Thomson Reuters.
It lost a net ¥765.8 billion in the fourth quarter, down from a profit of ¥316.8 billion a year ago.
The global economic downturn that has battered demand for cars and pushed US rival Chrysler into bankruptcy has hit Toyota badly as it went from rapid expansion to overcapacity almost overnight.
Toyota posted its first-ever consolidated operating loss last year after a record profit the year before.
For the year to next March, the maker of Prius hybrid cars forecast an operating loss of ¥850 billion. A survey of 20 analysts by Thomson Reuters had previously given an average forecast for a ¥387 billion loss.
Shares of Toyota have risen 39% so far this year, underperforming a 47% rise on Tokyo’s transport sub-index.