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Toyota Warns Loss Is At Least $1.7 Billion For 2008 Forecast for 2009 Is Bleak |
Toyota Motor, the world's biggest automaker, on Monday forecast its first ever group operating loss due to a relentless global slide in car sales and a crippling rise in the yen.Toyota had been expected to issue its second profit warning in less than seven weeks, after domestic rival Honda Motor Co also took the rare step of altering its guidance outside the usual quarterly reporting season, but the downward revision was bigger than predicted.
"This is very, very, very bad," said Koichi Ogawa, chief portfolio manager at Daiwa SB Investments.
"There's a chance they could fall into the red in the next business year as well. This is also not just a problem for Toyota. What is good for Toyota is good for the Japanese economy."
[source]
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