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Toyota profits slide as chip shortage continues

Automaker's full-year net profit outlook unchanged despite weaker yen

The weaker Japanese currency means Toyota's dollar earnings look better when converted to yen. (Photo by Koji Uema)

TOKYO -- Toyota Motor said it was still being hit by chip shortages as it cut its annual production forecast and kept its full-year outlook for net profit unchanged.

The Japanese carmaker on Tuesday said net income for the April-September period, its first half, was 1.17 trillion yen ($7.88 billion), down 23.2% from the previous year, as the weak yen failed to offset rising raw material prices and production constraints including semiconductor supplies.

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