Toyota expects £1.1 billion loss
22 December 2008
- Global car crisis hits Toyota
- First time company has reported operating loss
- There will still be a net profit, though
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Toyota has sent shock waves through the global car industry by predicting it will make an operating loss of around £1.1 billion for the current financial year.
Toyota's financial year runs from March to March, and Toyota has not posted a loss since it began reporting financial results in 1941. The warning was made by company boss Katsuaki Watanabe.
'The change that has hit the world economy is of a critical scale that comes once in a hundred years,' said Watanabe, who pointed to a dramatic fall in American car sales as a key factor in Toyota's expected loss.
Despite the operating loss, Toyota still expects to make a net profit of around £375 million for the current year, which is down from around £4 billion for the previous 12 months.
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