Toyota expects 64% full-year net profit fall as pandemic dents demand

Toyota Motor Corp. said Thursday it expects a 64.1 percent drop in net profit in the current business year through March to 730 billion yen ($6.9 billion) as the global coronavirus pandemic hurts auto demand.In the first quarter ended in June, net profit dropped 74.3 percent year-on-year to 158.84 billion yen, though the company managed to stay in the black at a time when its Japanese and foreign rivals booked losses due to the outbreak.Operating profit tumbled 98.1 percent to 13.92 billion yen for the three months on sales of 4.60 trillion yen, down 40.4 percent.It is the first time in fou…READ FULL ARTICLE