Toyota Motor Reports 77% Drop In Quarterly Net Profit

Toyota Motor Corp TM reported a 77% decline in its net profit for the January-March quarter. The company's quarterly operating profit came in at ¥46.1 billion. However, analysts were expecting a profit of ¥94.6 billion. The company's net profit for the full fiscal year climbed to 408.1 billion yen ($5 billion) from ¥209.4 billion. TM shares gained 2.09% to close at $81.02 yesterday. Read more from Benzinga's Company news.