Toyota's 1Q profit nearly wiped out as Covid-19 erodes car sales

Japan's top automaker reported a profit of 13.9 billion yen ($131.73 million) for the three months ended June, its worst since the June 2011 quarter.

TOKYO: Toyota Motor Corp posted a 98% plunge in its first-quarter operating profit on Thursday as the Covid-19 coronavirus pandemic halved it global sales.

Japan's top automaker reported a profit of 13.9 billion yen ($131.73 million) for the three months ended June, its worst since the June 2011 quarter. Still, it was better than an average estimate for a loss of 179 billion yen based on a Refinitiv poll of seven analysts.