Toyota first-quarter operating profit dips 15 percent as strong yen weighs

Business, Stock market

Toyota Motor Corp reported on Thursday a 15 percent dip in first-quarter operating profit as a strong yen weighed on earnings.

Operating profit at Japan's largest automaker was 642 billion yen ($6.33 billion), beating an average estimate of 493.5 billion yen from 11 analysts surveyed by Thomson Reuters I/B/E/S/.

Toyota lowered its forecast for full-year operating profit, expecting it to slide 44 percent to 1.6 trillion yen, which would be a four-year low. It's most recent forecast was for 1.7 trillion yen.

It is budgeting for the yen to trade around 102 yen to the U.S. dollar compared with an earlier estimate of 105 yen. It sees a rate of 113 yen to the euro compared with a 120 yen forecast at the start of the quarter.

Source by Reuters