Toyota warned its profits could fall by a fifth this year because of rising energy costs and a doubling in raw material prices following coronavirus pandemic-related disruptions to supplies.
Toyota’s projection of ¥2.4tn ($1bn) operating profit for this financial year was well below analyst forecasts of ¥3.3tn, according to S&P Global Market Intelligence. In the 2021-2022 financial year, it delivered a record operating profit for a Japanese company.
The forecast 20 per cent drop in operating profits by the world’s largest carmaker sent its shares down 4.4 per cent on Wednesday.
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