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| Toyota reports worst annual loss | |
| (about 2 hours later) | |
| Toyota, the world's biggest carmaker, has made its worst annual loss as the global economic downturn has hit demand for its vehicles. | |
| The Japanese company said it made a net loss of 436.94bn yen ($4.4bn; £2.9bn) in the year to 31 March, compared with a record profit the year before. | The Japanese company said it made a net loss of 436.94bn yen ($4.4bn; £2.9bn) in the year to 31 March, compared with a record profit the year before. |
| Toyota said expected to make a bigger loss in the current financial year. | Toyota said expected to make a bigger loss in the current financial year. |
| Like many of its rivals, Toyota has cut production, including at its UK plants, as sales have declined. | Like many of its rivals, Toyota has cut production, including at its UK plants, as sales have declined. |
| Toyota also blamed the loss on high raw materials prices and a strong yen, which makes its cars more expensive overseas. | Toyota also blamed the loss on high raw materials prices and a strong yen, which makes its cars more expensive overseas. |
| "Both revenues and profits declined severely during this period," said Toyota president Katsuaki Watanabe. | "Both revenues and profits declined severely during this period," said Toyota president Katsuaki Watanabe. |
| He said the loss "was a consequence of the significant deterioration in vehicle sales, particularly in the US and Europe". | He said the loss "was a consequence of the significant deterioration in vehicle sales, particularly in the US and Europe". |
| Toyota said it expected to make a net loss of 550bn yen ($5.5bn; £3.7bn) in the financial year ending in March 2010. | Toyota said it expected to make a net loss of 550bn yen ($5.5bn; £3.7bn) in the financial year ending in March 2010. |
| "It appears to take some more time before the financial markets in the US and Europe normalise and the global economy recovers," Mr Watanabe said. | "It appears to take some more time before the financial markets in the US and Europe normalise and the global economy recovers," Mr Watanabe said. |
| Toyota last made a net loss in 1963, a spokeswoman said. |