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Toyota, the Japanese auto manufacturer, reported that it expects its annual profit to drop by 31%. The reason provided for this massive drop was the recent powerful earthquake which cost Toyota approximately $4 billion.
Toyota stated that it does not expect to have any profits in the first half of the fiscal year but plans to cover half of the costs in the second half.
Other manufacturers in Japan have also been reporting similar results due to the earth quake that damaged a lot of property in Japan, including a nuclear power plant.
Toyota, which is currently the no. 1 biggest automaker in the world, will probably lose its ranking due to the loses from the earthquake.
Posted by admin @ 11 June 2011
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