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Toyota shares up in premarket trade, financials tumble

July 21, 2021 Comments Off on Toyota shares up in premarket trade, financials tumble By admin

Toyota Financials fell 7.3% after its latest quarterly profit.

Its shares were up 3.3%, and its total return was unchanged at 9.7%.

Its shares fell 3.5% after hitting a record low of 1.83bn yen ($16.5bn) in April.

It said it would release its earnings before interest, taxes, depreciation and amortisation for the quarter ending March 31.

Toyota said it expected to post another profit of 4.8 billion yen for the full year.

Its financial statement for the March quarter, which ended March 31, showed the company’s financial strength was offset by lower sales, higher fuel prices and the introduction of its next-generation Corolla hatchback.

The Japanese automaker said sales of the Corolla would reach 1.3 million units by the end of the first quarter, but it had to cut the figure to 500,000 units in the second quarter due to lower demand.

The company said it had adjusted its outlook for its second-quarter financial results due to the impact of the economic downturn and the effects of the recall of more than 1 million Corollas.

It expects to make another profit before interest and taxes in the fourth quarter.

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