Weak dollar hits Toyota profits

Manufacturing News, Source : TheManufacturer.com
Published : 05 Aug 2003 10:05

The Japanese car firm Toyota has said that the weak dollar has undermined its profits.

Toyota made a net profit of 222.6 billion yen ($1.85 billion; £1.15 billion) in April, May and June, almost 10 per cent less than the previous three months.

The Japanese car maker depends heavily on exports to the US and the steady decline in the value of the dollar has also dented the competitiveness of imported cars from Japan.

The dollar fell by 8 per cent against the yen during the three month period.

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