Asia

Toyota reports lower quarterly profit on lower sales, yen

Toyota, which recently relinquished the crown of world's biggest automaker to German rival Volkswagen, is reporting a 23 percent decline in October-December profit from the previous year.

Toyota Motor Corp. said Monday that its fiscal third quarter profit was 486.5 billion yen ($4.3 billion), down from 627.9 billion yen in 2015. A weaker yen eroded 205 billion yen ($1.8 billion) from its quarterly operating profit.

Sales of the maker of the Prius hybrid, Camry sedan and Lexus luxury cars slipped 3.5 percent to 7.1 trillion yen ($63 billion).

Toyota raised its full year profit forecast through March 2017 to 1.7 trillion yen ($15 billion).

That's better than its earlier projection of 1.6 trillion yen ($14 billion) profit, but lower than the 2.3 trillion yen earned in the previous fiscal year.