Toyota Motor Co. Operating Profit Dropped To 49%

Toyota Motor Co. reported a 49 percent drop in fourth-quarter operating profit on Friday, missing analysts’ estimates, as U.S. tariffs and increased competition from Chinese automakers weighed on earnings.

Revenue came in at 12.6 trillion yen (about $81.3 billion), versus flat expectations, while operating profit came in at 569.4 billion yen (about $3.67 billion), versus expectations of 813.28 billion yen. ($5.25 billion).

The world’s largest carmaker by sales volume reported a 1.89 percent year-on-year rise in revenue in the fourth quarter ended in March, in line with expectations.

Operating profit fell for the fourth straight time, reflecting continued pressure from US tariffs.

Net profit attributable to the company was 817.2 billion yen, compared with 664.6 billion yen a year ago. Consolidated sales of Toyota vehicles in the fiscal fourth quarter fell to 2.29 million units from 2.36 million units a year earlier.

• Also See: Sales Of Toyota Vehicles Fell By 7.3 Percent