Toyota Sees Net Profit For Fiscal 2011 Drop 30.5%

TOKYO, May 9 (Kyodo) — Toyota Motor Corp. said Wednesday its consolidated net profit for fiscal 2011 fell 30.5 percent from the year before to 283.56 billion yen, as the automaker struggled under the impact of natural disasters.

In the fiscal year ended March 31, Toyota also saw its operating profit fall to 355.63 billion yen, down 24.1 percent from the previous year, on sales of 18.58 trillion yen, down 2.2 percent.

But the automaker expected a sharp recovery in the current business year, projecting an operating profit of 1 trillion yen, some 2.8 times of that for FY 2011.