Toyota profit plummets despite moderately solid sales

Toyota profit plummets despite moderately solid sales

TOKYO -- Toyota says its fiscal third quarter profit plunged to 180.9 billion yen ($12.6 billion), about a fifth of what the Japanese automaker earned the previous year, despite relatively solid sales.

Toyota Motor Corp. said Wednesday that its October-December profit in 2017 had totaled 941.8 billion yen, helped by perks from U.S. tax reforms.

Toyota said that profit for the latest quarter was also hurt by unrealized gains and losses in equity securities.

Quarterly sales totaled 7.8 trillion yen ($71 billion), up nearly 3 percent from 7.6 trillion the previous year.

Toyota lowered its profit for the fiscal year through March to 1.87 trillion yen ($17 billion), down from 2.5 trillion yen racked up the previous fiscal year, and below its earlier projection for 2.3 trillion yen ($21 billion) profit.