Toyota profit falls sharply after earthquake

Japan's biggest earthquake on record hit Toyota Motor's (7203.T) quarterly profits harder than expected, prompting renewed calls for the government to do more to support Toyota's pledge to keep building large numbers of cars in Japan.

The 9.0 magnitude earthquake that rocked northeastern Japan on March 11 forced Toyota and other Japanese automakers to slash output at home and abroad as they struggled to secure vital parts. The ensuing nuclear disaster and power shortages have compounded problems.

The world's biggest automaker on Wednesday gave no earnings forecasts for the current business year due to the continued disruption to production, but said output would begin recovering as much as two months earlier than it had expected as parts makers come back on line. Toyota expects to give a guidance by mid-June, it said.

Read Full Article from Los Angeles Times

- Posted: 2011-05-11 09:18:26

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