Toyota Projects Worst Loss in Half a Century

Toyota Projects Worst Loss in Half a Century

Sourced From: MSNBC.msn.com,

Situation
1. Toyota predicting first net loss since 1950 due to plunging demand, stronger yen
2. Company expects net loss of 350B yen ($3.85B) for fiscal year through March
3. That's in stark contrast to 1.72T yen record profit for previous fiscal year
4. Toyota says yearly operating loss will be 450B yen, 3 times its previous forecast

Significant Points
1. Toyota had 164.7B yen ($1.8B) loss for Oct-Dec 2008 quarter
2. As recently as Dec, Toyota thought it would see small fiscal year profit
3. Company stopping production for 14 days in 1st 3 months 2009 at 11 Japanese plants
4. Toyota eclipsed GM last year as world's top-selling automaker

Says
"Toyota is having serious problems responding. It boasts a full and global lineup of products. But the world's auto demand changed in a flash." -- Yasuaki Iwamoto, analyst, Okasan Securities Co.

"By taking these measures, we will overcome the current crisis and evolve into a company with a higher level of efficiency and resilience." -- Mitsuo Kinoshita, executive vice president, Toyota