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Japan's Toyota sees profit slip, holding up despite pandemic

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TOKYO – Toyota’s July-September profit fell 11% from a year earlier as the coronavirus pandemic slammed global demand, but Japan’s top automaker appeared to be holding up better than weaker rivals that have sunk into the red.

Toyota Motor Corp. reported Friday a quarterly profit of 470.5 billion yen ($4.5 billion), down from 530 billion yen a year ago.

Quarterly sales slipped to 6.77 trillion yen ($65 billion) from 7.64 trillion yen. Its president, Akio Toyoda, told reporters Toyota employees worked extremely hard, including making masks and face shields and boosting efficiency at factories to achieve results despite the pandemic. “Toyota has become gradually stronger,” he said, offering gratitude and praise for how resilient Toyota has.

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