Japanese manufacturer Toyota has seen its profits plummet by a massive 77% in the last quarter because of disruption caused by the recent devastating earthquake and tsunami, with net profits falling to 25.5bn yen (£192.7m $315.5m) between January and March.
However for the fiscal year ending in March Toyota’s income doubled revealing that at least it had been enjoying a recovery before the quake hit.
In a further positive note Toyota also announced that production will pick up from June, after previously saying that improvements in output would not begin until July.
Toyota’s President Akio Toyoda said he expects the company’s car manufacturing in Japan and overseas to recover to 70% of its capacity before the earthquake, in June.
Toyota and other car manufacturers have been dealing with parts shortages because of the damage caused by the earthquake and tsunami that hit Japan on 11 March and as a result the world’s biggest car manufacturer has curbed production at its factories in Japan and abroad.
Source: BBC News