Toyota reports 14.5 pct drop in profit on yen, sales fall

August 4, 2016 6:40 AM

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TOKYO – Toyota Motor Corp. is reporting a 14.5 percent drop in profit for the fiscal first quarter as sales fell and a strong yen slashed earnings for the Japanese automaker.

Toyota reported Thursday a 552.4 billion yen ($5.4 billion) profit for April-June, down from 646.3 billion yen the same period a year earlier.

Also read: LG Electronics says third-quarter profit down 3.7 percent vs. year earlier

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