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

China ratifies Paris climate deal ahead of G-20...

Sep 3, 2016

China announced on Saturday that it would formally enter the emissions-cutting agreement reached...

Hong Kong election highlights rising anti-China...

Sep 4, 2016

Polls opened in Hong Kong Sunday for the specially administered Chinese city's most crucial...

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

US tycoon's China scholarship project opens doors...

Sep 10, 2016

A new scholarship program intended to rival the prestigious Rhodes Scholarships and build...

Aid groups warn of crisis as Mongolia hit by...

Dec 21, 2016

Another unusually harsh winter in Mongolia that's decimating livestock and sending temperatures to...