August 8, 2008

Toyota Reports First-Quarter Profit Plummets 28 Percent

Toyota said Thursday its fiscal first-quarter profit plummeted 28 percent and stuck to its forecast that full-year profit will fall for the first time in seven years as it faces more problems from the weakening U.S. market.

Toyota Motor Corp., which had been riding on the success of its fuel-efficient cars, has consistently posted growing profit since it started reporting under U.S. accounting standards.

Toyota said its April-June profit fell to $3.23 billion. Quarterly sales edged down 4.7 percent to $56.8 billion.

Originally published by Staff and wire reports.

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