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Toyota profit drops on virus outbreak but recovery expected
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TOKYO – Toyota Motor Corp. reported Tuesday a sharp plunge in fiscal fourth quarter profit as the global pandemic slammed vehicle sales and halted production at its auto plants.
Japan's top automaker logged a net profit of 63.1 billion yen ($590 million) for the quarter ended in March, nose-diving 86% from 459.5 billion yen for the same period the year before.
Quarterly sales slipped 8% to 7.1 trillion yen ($66 billion) from 7.8 trillion yen a year ago. Damage from COVID-19 cost Toyota 145 billion yen ($1.4 billion) in operating profit for the quarter, offsetting cost cuts, the company said.
Toyota officials said it was difficult to project the future, given the varying degrees of lockdowns around the world and uncertainties on how the
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COVID-19
United States
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Cases: 46 252 513
Deaths: 750 423
Recovered: 0
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India
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Cases: 34 321 025
Deaths: 459 652
Recovered: 0
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Brazil
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Cases: 21 835 785
Deaths: 608 235
Recovered: 0
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United Kingdom
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Cases: 9 215 683
Deaths: 141 607
Recovered: 0
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Russia
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Cases: 8 494 589
Deaths: 237 619
Recovered: 0
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