May 12, 2020 / 4:25 AM / 15 days ago

Toyota expects annual profit to hit 9-yr low as coronavirus saps car sales

TOKYO, May 12 (Reuters) - Toyota Motor Corp said on Tuesday it expected to post its lowest annual operating profit in 9 years as the Japanese automaker grapples with the impact of the coronavirus, which has sapped global demand for cars.

Japan’s biggest automaker said it expects an operating profit of 500 billion yen ($4.66 billion) in the year to March year, down 80% from 2.44 trillion yen in the year just ended.

The global auto industry is reeling from the virus pandemic as containment measures such as curbs on public movement have prompted drivers to hold off from car purchases, forcing businesses to shutter production plants. ($1 = 107.3900 yen) (Reporting by Naomi Tajitsu; Editing by Kim Coghill)

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