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Toyota sees losses deepening
Toyota sees losses deepening this year
Posted Friday, May 8, 2009, 9:44 am in Employee News
The Associated Press reported today that Toyota Motor Corp. posted a $7.7 billion January-March quarter, larger than General Motors $6 billion loss, resulting in its worst fiscal year since the Japanese automaker was founded in 1937.
Toyota also warned Friday that its net loss would deepen in the year through March 2010 to $5.55 billion from$4.4 billion in the just-ended fiscal year. The bigger-than-expected quarterly loss was larger than the full-year loss because it had some positive quarters earlier in the fiscal year, according to the story.
On Friday, Standard and Poor’s lowered its long-term credit rating on Toyota one notch to AA and gave a “negative” outlook. But The Associated Press reported S&P also said the automaker “maintains a minimal financial risk profile, characterized by a strong capital structure with massive liquidity.” (Associated Press)
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Rick
Nitro Year: 2007 (1 of 113,000 sold)
Nitro Model: R/T 4X4 Stone White
CAT-BACK Exhaust, CAI, Projector Head Lamps
Fully-Equipped w/all factory options
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