Toyota reports first fall in annual profit in 5 years

Tokyo: Executives at Toyota Motor say 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. That's down 2.8% in yen terms from a year earlier. Operating profit dropped 30%, to 17.5 billion dollars.

The company attributes the declines mainly to the stronger yen, (NHK WORLD) reported.

Toyota expects group sales to drop 0.4% and operating profit to fall by nearly 20% this fiscal year, for a second straight year of decline. (QNA)