Toyota Motor said, both their group sales and operating profit have fallen for the first time in 5 years.
Sales for the business year that ended in March stood at more than 240 billion dollars. That’s down 2.8 percent in yen terms from a year earlier. Operating profit dropped 30 percent, to 17.5 billion dollars. The company attributes the declines mainly to the stronger yen lower demands and expenses on Research and Development and company going to path of green label.
Toyota expects group sales to drop 0.4 percent and operating profit to fall by nearly 20 percent this fiscal year, for a second straight year of decline.