Another Loss for Toyota, but Signs of Recovery |
| BusinessWeek - Aug 4, 2009 |
In more normal economic times, the announcement of a quarterly loss running to hundreds of millions of dollars would be a grim statistic for Toyota (TM). After all, on its way to overtaking General Motors in 2008 as the world's largest automaker, Toyota would regularly meet or beat profit forecasts. And it made more money than any other automaker. At a press conference in Tokyo on Aug. 4, though, a smaller-than-expected loss was greeted as a sign that the worst may be over for Toyota and other Japanese automakers. "We're making steady progress," Toyota Senior Managing Director Takahiko Ijichi told reporters.
At first glance the figures don't look too great. For the three months ended in June, Toyota lost $818 million, compared with a $3.7 billion profit during the same period in 2008. Its loss compares unfavorably with Honda (HMC), which eked out a small profit in the same period, and Nissan (NSANY), which posted a $158 million loss. It is also the third quarter in a row in which Toyota has lost money.
Read Full Article from BusinessWeek
- Posted: 2009-08-04 09:44:28
| More Stock Investor Place Top Stories |
 |
|
|
|
| Stock Investor Place Top Stories Archive |
|
|
|
