Friday January 30, 12:22 AM
Toyota to revise down profit forecast further: reports
TOKYO (AFP) - The world's biggest automaker Toyota Motor Corp (Frankfurt: TOM.F - news) . is to revise its annual earnings forecast dramatically down, just a month after it lowered earnings expectations due to falling sales, reports said Friday.
In December Toyota forecast its first-ever operating loss for the financial year to March as the global slowdown hit sales, putting the figure at 150 billion yen (1.67 billion dollars).
It is now expecting an operating loss of 400 billion yen, the business daily Nikkei (news) reported, without citing sources.
Public broadcaster NHK also said Toyota is planning to revise down its earnings forecast for the third time since November.
Japan's top automaker is set to slash production further as sales continue to decline, NHK said.
Toyota officials could not immediately be reached for a comment.
Toyota overtook General Motors (NYSE: GM - news) in 2008 to become the world's top selling automaker, but only because the Detroit giant's sales fell faster than its own.
The Japanese company has moved to lower production, cut jobs and appoint a new president from its founding family in response to its biggest ever crisis.
It is scheduled to report its results for the fiscal third quarter on February 6.
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