Saudi Arabia affirms its commitment for a ban on chemical weapons    Saudi Arabia and Morocco emphasize keenness on strengthening cooperation across various realms    EU leaders meet to discuss Ukraine's future as Trump pushes for fast peace deal    Saudi taekwondo champion Dunia Abu Talib tops world rankings, making history    Gaza food prices soar after Israel halts aid deliveries    Boom to gloom: India middle-class jitters amid trillion-dollar market rout    Real-life shipwreck story wins major book award    Bangladesh leader likens Sheikh Hasina regime to 'terrible tornado'    Seven injured after South Korean fighter jet accidentally drops bombs    Islamic Arts Biennale celebrates Ramadan with 'Biennale Nights' in Jeddah    Tawakkalna offers a package of religious services during Ramadan    Ministry ranks Saudi auto dealers — Abdul Latif Jameel has longest waitlist, Al-Naghi records longest delivery time    Haram Authority launches smart luggage storage service New service is available around the clock during Ramadan    New boxing promotion led by Turki Al-Sheikh, TKO, and Sela set to transform the sport    Okaz and Saudi Gazette Esports    Saudi Arabia attracted 2.5 million sports tourists in four years, says ministry    PIF and Italy's SACE sign MoU to boost financial collaboration with up to $3 billion in project support    Nora Razian and Sabih Ahmed appointed artistic directors for 2026 Diriyah Contemporary Art Biennale    Al Hilal stumble in Tashkent as Pakhtakor claim first-leg advantage in AFC Champions League Round of 16    HONOR unveils New Corporate Strategy to Transition to an AI Device Ecosystem Company Illuminating a three-step roadmap underpinned by openness and collaboration    King Salman prays for peace and stability for Palestinians in Ramadan message King reaffirms Saudi Arabia's commitment to serving the Two Holy Mosques and pilgrims    Bollywood star Saif Ali Khan 'out of danger' after attack at home in Mumbai    Order vs. Morality: Lessons from New York's 1977 Blackout    India puts blockbuster Pakistani film on hold    Exotic Taif Roses Simulation Performed at Taif Rose Festival    Asian shares mixed Tuesday    Weather Forecast for Tuesday    Saudi Tourism Authority Participates in Arabian Travel Market Exhibition in Dubai    Minister of Industry Announces 50 Investment Opportunities Worth over SAR 96 Billion in Machinery, Equipment Sector    HRH Crown Prince Offers Condolences to Crown Prince of Kuwait on Death of Sheikh Fawaz Salman Abdullah Al-Ali Al-Malek Al-Sabah    HRH Crown Prince Congratulates Santiago Peña on Winning Presidential Election in Paraguay    SDAIA Launches 1st Phase of 'Elevate Program' to Train 1,000 Women on Data, AI    41 Saudi Citizens and 171 Others from Brotherly and Friendly Countries Arrive in Saudi Arabia from Sudan    Saudi Arabia Hosts 1st Meeting of Arab Authorities Controlling Medicines    General Directorate of Narcotics Control Foils Attempt to Smuggle over 5 Million Amphetamine Pills    NAVI Javelins Crowned as Champions of Women's Counter-Strike: Global Offensive (CS:GO) Competitions    Saudi Karate Team Wins Four Medals in World Youth League Championship    Third Edition of FIFA Forward Program Kicks off in Riyadh    Evacuated from Sudan, 187 Nationals from Several Countries Arrive in Jeddah    SPA Documents Thajjud Prayer at Prophet's Mosque in Madinah    SFDA Recommends to Test Blood Sugar at Home Two or Three Hours after Meals    SFDA Offers Various Recommendations for Safe Food Frying    SFDA Provides Five Tips for Using Home Blood Pressure Monitor    SFDA: Instant Soup Contains Large Amounts of Salt    Mawani: New shipping service to connect Jubail Commercial Port to 11 global ports    Custodian of the Two Holy Mosques Delivers Speech to Pilgrims, Citizens, Residents and Muslims around the World    Sheikh Al-Issa in Arafah's Sermon: Allaah Blessed You by Making It Easy for You to Carry out This Obligation. Thus, Ensure Following the Guidance of Your Prophet    Custodian of the Two Holy Mosques addresses citizens and all Muslims on the occasion of the Holy month of Ramadan    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



Toyota's loss bigger than rival GM's in Q1
Published in The Saudi Gazette on 09 - 05 - 2009

The Toyota Motor Company booked its first annual net loss in six decades Friday and warned that it would plunge even deeper into the red this year, a stunning reversal for an automaker whose breakneck expansion and record profits seemed unstoppable just 12 months ago.
The automaker said it lost 765.8 billion yen, or $7.7 billion, in the first three months of the year - even more than the $5.9 billion lost by its American rival, General Motors, in the same period.
The devastating numbers from the final quarter of the fiscal year contributed to a worse-than-expected net loss of 436.9 billion yen, or $4.4 billion, for the year that ended in March. It was Toyota's first annual net loss since 1950.
The automaker warned it would lose another 550 billion yen, or $5.5 billion, this fiscal year. It cut its annual dividend by nearly 30 percent, its first cut to the dividend in at least 15 years.
Toyota attributed its woes to the slump in global demand and a strong yen, which makes exports from Japan more expensive.
“It will take more time before the financial markets in the US and Europe normalize and the global economy recovers,” Toyota's president, Katsuki Watanabe, said Friday.
The deep loss marks a stark turnabout from the record profit of 1.72 trillion yen that Toyota booked the previous year. Annual sales slumped 22 percent, to 20.529 trillion yen.
The loss also caps a roller-coaster year for Toyota, which in 2008 dethroned GM in terms of vehicles sold worldwide, a post the Detroit-based automaker had held for 77 years.
Analysts say Toyota has strong cash reserves, and is far from the bankruptcy that has asserted the American carmaker Chrysler and that threatens General Motors.
Despite a $15.4 billion infusion in United States government loans, General Motors burned through about $10 billion in the first quarter, driving its cash reserves down to a bare minimum and putting it on the brink of financial collapse.


Clic here to read the story from its source.