Economy & Politics Toyota logs first annual profit fall in five yearsAkio Toyoda, president of Japan's auto giant Toyota Motor. PHOTO |TORU YAMANAKA | AFPToyota on Wednesday reported its first drop in annual net profit for five years, while it unexpectedly warned that earnings would fall again owing to pricey US customer incentives and a forecast pick up in the yen. US auto sales have been sputtering, forcing automakers to boost incentives to land customers — something Toyota's top US executive has warned is unsustainable. Overall, Toyota posted a net profit of 1.83 trillion yen ($16 billion) on slightly lower revenue of 27.6 trillion yen in the recently ended year to March. That is down more than 20 per cent from a record 2.31 trillion yen net profit the previous year.

Source: The North Africa Journal May 10, 2017 12:20 UTC