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Toyota reports first loss in 71 years

(Xinhua)
Updated: 2009-05-08 23:59

TOKYO - Toyota on Friday reported a consolidated operating loss of 461.01 billion yen (US$4.66 billion) in fiscal 2008 ending March 31, the first operating loss in 71 years.

Stocks of new Toyota cars are parked in a lot in Onnaing's Toyota plant near Valenciennes, northern France, April 17, 2009. [Agencies]

As car sales are still on the decrease amid the global financial crisis, the largest Japanese automaker projected an operating loss of 850 billion yen (US$8.59 billion) in fiscal 2009.

Meanwhile, Toyota also registered a group net loss of 436.94 billion yen (4.41 billion dollars) in fiscal 2008, compared with a record-high profit of 1.72 trillion yen (US$17.37 billion) for the previous fiscal year.

For fiscal 2009, Toyota, which overtook General Motors as the world's largest automaker in 2008, predicted a group net loss of 550 billion yen (US$5.55 billion) on sales of 16.5 trillion yen (US$166.67 billion).