Toyota profit plummets despite moderately solid sales

FILE - In this Aug. 3, 2018, file photo, a visitor walks through a Toyota showroom in Tokyo. Toyota Motor Corp. said Wednesday, Feb. 6, 2019 its fiscal third quarter profit plunged to 180.9 billion yen ($12.6 billion), about a fifth of what the Japanese automaker earned the previous year, despite relatively solid sales. (AP Photo/Eugene Hoshiko, File)
In this Feb. 15, 2017, photo, event staff prepares a press conference of Toyota Motor Corp. in Tokyo. Toyota said Wednesday, Feb. 6, 2019 its fiscal third quarter profit plunged to 180.9 billion yen ($12.6 billion), about a fifth of what the Japanese automaker earned the previous year, despite relatively solid sales. (AP Photo/Shizuo Kambayashi)

TOKYO — Toyota's fiscal third quarter profit plunged to 180.9 billion yen ($12.6 billion), about a fifth of what the Japanese automaker earned the previous year, despite relatively solid sales, the Japanese automaker said Wednesday.

Toyota Motor Corp.'s October-December profit in 2017 had totaled 941.8 billion yen, helped by perks from U.S. tax reforms.

Toyota, Japan's No. 1 automaker, said that profit for the latest quarter was also hurt by unrealized gains and losses in equity securities.

Quarterly sales totaled 7.8 trillion yen ($71 billion), up nearly 3 percent from 7.6 trillion the previous year, according to the maker of the Camry sedan, Prius hybrid and Lexus luxury models.

Toyota lowered its profit for the fiscal year through March to 1.87 trillion yen ($17 billion), down from 2.5 trillion yen racked up the previous fiscal year, and below its earlier projection for 2.3 trillion yen ($21 billion) profit.

Last week, Japanese rival Honda Motor Co. reported fiscal third-quarter profit fell 71 percent from a year earlier to 168 billion yen ($1.5 billion) as growing incentives, an unfavorable exchange rate and flat vehicle sales offset gains from cost cuts. Quarterly sales were unchanged at 3.9 trillion yen ($36 billion).

Nissan Motor Co. reports earnings next week.

___

Yuri Kageyama is on Twitter at https://twitter.com/yurikageyama

On Instagram at https://www.instagram.com/yurikageyama/?hl=en

Must Read

Hailing cooperation, US and China join global...

Sep 3, 2016

President Barack Obama and China's President Xi Jinping on Saturday sealed their nations'...

Obama and Putin meet in China amid struggle for...

Sep 5, 2016

US, Russia struggle to keep alive negotiations to end the bloodshed between U.S.-backed rebels

Air China removes mag with offensive article...

Sep 8, 2016

Air China says it has removed copies of its inflight magazine containing an article criticized as...

Taiwan loses diplomatic ally in move welcomed by...

Dec 21, 2016

Taiwan has condemned the African island nation of Sao Tome and Principe's "abrupt" move to break...

Asian stocks rise after Wall Street gains

Dec 21, 2016

Asian stocks are higher after U.S. stocks rose to record levels despite attacks in Germany and...