Asia

Toyota reports 14.5 pct drop in profit on yen, sales fall

  • FILE - In this Monday, Jan. 15, 2015, file photo, the emblem on a new Toyota is shown at a dealership in Brandon, Fla. Toyota's much ballyhooed plug-in hybrid Prius Prime is being pushed back by several months, with the new sales date set for late this year or early next year. Toyota Motor Corp. said Wednesday the launch dates were being delayed for Japan, but not for the U.S. and Europe because they were set to follow Japan from the start. It was unclear what the dates were for any of the regions. (AP Photo/Chris O'Meara, File)

    FILE - In this Monday, Jan. 15, 2015, file photo, the emblem on a new Toyota is shown at a dealership in Brandon, Fla. Toyota's much ballyhooed plug-in hybrid Prius Prime is being pushed back by several months, with the new sales date set for late this year or early next year. Toyota Motor Corp. said Wednesday the launch dates were being delayed for Japan, but not for the U.S. and Europe because they were set to follow Japan from the start. It was unclear what the dates were for any of the regions. (AP Photo/Chris O'Meara, File)  (The Associated Press)

  • FILE - In this April 17, 2010 file photo, a Toyota emblem is seen on a car during the Denver Auto Show in Denver. Toyota Motor Corp. reported Thursday a 14.5 percent drop in profit for the fiscal first quarter as sales fell and a strong yen slashed earnings for the Japanese automaker. (AP Photo/David Zalubowski, file)

    FILE - In this April 17, 2010 file photo, a Toyota emblem is seen on a car during the Denver Auto Show in Denver. Toyota Motor Corp. reported Thursday a 14.5 percent drop in profit for the fiscal first quarter as sales fell and a strong yen slashed earnings for the Japanese automaker. (AP Photo/David Zalubowski, file)  (The Associated Press)

Toyota Motor Corp. is reporting a 14.5 percent drop in profit for the fiscal first quarter as sales fell and a strong yen slashed earnings for the Japanese automaker.

Toyota reported Thursday a 552.4 billion yen ($5.4 billion) profit for April-June, down from 646.3 billion yen the same period a year earlier.

The results were better than the 435 billion yen profit that analysts surveyed by FactSet had projected.

Quarterly sales slipped nearly 6 percent to 6.59 trillion yen ($64.9 billion).

Toyota also lowered its profit forecast for the fiscal year through March 2017, to 1.45 trillion yen ($14 billion), down from an earlier forecast for a 1.5 trillion yen ($14.8 billion) profit.

Toyota had a 2.3 trillion yen ($22 billion) profit for the fiscal year through March.