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Toyota slashes full-year operating profit, sees 44% drop

Toyota's Managing Officer Tetsuya Otake speaks at a news conference in Tokyo on Aug. 4.

TOKYO -- Toyota Motor reported a 14.5% slide in net profit for the three months ended in June as a stronger yen took its toll, forcing the company to cut its earnings projections for the full year. 

The company slashed its full-year net income forecast for the year ending in March 2017 by 50 billion yen to 1.45 trillion yen ($493 million to $14.3 billion), which is 37% lower compared to a year earlier. The company cut its operating profit projections by 100 billion yen to 1.6 trillion yen, 44% lower than the previous year, mainly due to the effect of currency movements. Toyota is projecting operating profit for the year to be hit by 1.12 trillion yen from the movements. 

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