Toyota's projects 35 pct profit plunge as yen perk fades

FILE - In this April 24, 2016 file photo, Hiroji Onishi, head of Toyota Motor Co.'s China region operation, speaks during a press conference ahead of the Auto China 2016 automobile exhibition in Beijing, China. Toyota is projecting a 35 percent plunge in profit for the fiscal year through March 2017, as the perks of a favorable exchange rate fade, and it reported a 4 percent drop in profit for January-March on-year at 426.6 billion yen ($3.9 billion). (AP Photo/Ng Han Guan, File) (The Associated Press)

FILE - In this April 24, 2016 file photo, journalists examine Toyota Motor Corp.'s new Yaris model during a press conference ahead of the Auto China 2016 automobile exhibition in Beijing, China. Toyota is projecting a 35 percent plunge in profit for the fiscal year through March 2017, as the perks of a favorable exchange rate fade, and it reported a 4 percent drop in profit for January-March on-year at 426.6 billion yen ($3.9 billion). (AP Photo/Ng Han Guan, File) (The Associated Press)

TOKYO – Toyota Motor Corp. says January-March profit slipped 4 percent on-year to 426.6 billion yen ($3.9 billion). The Japanese automaker is projecting a 35 percent plunge in profit for the fiscal year through March 2017.

Toyota said Wednesday it expects 1.5 trillion yen ($13.8 billion) in annual profit but warned that doesn't account for recent production stops over supply shortages caused by a major earthquake in southwestern Japan.

Toyota, which makes the Prius hybrid, Camry sedan and Lexus luxury models, has had record profits for three years straight.

But the perks from a weak currency that are a boon for Japan's exporters like Toyota have dwindled in recent months.

For the fiscal year ended March, Toyota's profit totaled 2.3 trillion yen ($21 billion), up 6.4 percent from the previous year.

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