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Strong yen Conveys Toyota’s Quarterly Profit Dropping 36 pct

TOKYO (AP) – Toyota Motor Corp. reported last week that its last months profit decreased 36 percent as a stronger yen eroded its overseas earnings.
Lagging sales also tensed the Japanese automaker’s fiscal second quarter profit, which drop down to 393.7 billion from 611.7 billion yen in the same period the previous year.Quarterly sales slipped nearly 9 percent to 6.48 trillion yen.
The manufacturer of the Prius hybrid, Camry sedan and Lexus luxury models expects to sell 10.1 million vehicles worldwide through March 2017, including sales by affiliates Hino Motors and Daihatsu Motor Co.
Toyota has led world vehicle sales in recent years but this year is seeking with German automaker Volkswagen AG and General Motors Co., which also guess to sell about 10 million vehicles globally, for the top spot.
Volkswagen’s global vehicle sales surpassed Toyota’s in the first half of the year even if a scandal over cars it rigged to deceive on U.S. diesel emissions tests.
Toyota raised its annual profit forecast to 1.5 trillion yen (USD14.4 billion) from an earlier 1.45 trillion yen (USD 13.9 billion). But that’s still below the 2.3 trillion yen it earned last year.
Toyota told that in the first fiscal half, it carried out cost decrement that added 220 billion yen (USD 2.1 billion) to the company’s operating profit, but the not favorable currency fluctuations removed 565 billion yen (USD 5.4 billion).