Quake-hit Toyota swings to a loss
Nikhil Kumar is The Independent's New York correspondent. He was formerly assistant editor on the foreign desk and has also done a variety of jobs on the city desk, where he wrote about markets, commodities and other business and economics topics.
Wednesday 03 August 2011
Toyota fell to its first quarterly loss in two years in the three months to June after the Japanese earthquake disrupted the car manufacturer's operations.
The disaster drove the company to a 108bn yen (£850m) loss, against a 211.7bn yen profit in the same period last year. Although negative, the slump was not as steep as feared, with analysts expecting Toyota, which makes 40 per cent of its vehicles in Japan, to reveal a 190bn yen loss.
Beyond the quake, the company said it was being hit by foreign exchange movements, in particular the stronger yen, which is making it harder for the Japanese group to compete with South Korean rivals such as Hyundai.
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