Toyota net profit drops 18% through December due to rising costs

Full-year forecast remains unchanged for Japanese automaker

Toyota faces continues to face chip shortages and high material costs. (Photo by Yuki Nakao)

SAYUMI TAKE, Nikkei staff writer

February 9, 2023 13:29 JST

Updated on February 9, 2023 20:29 JST

TOKYO -- Toyota Motor on Thursday said net profit for the April-December period in the current fiscal year ending in March was 1.89 trillion yen ($14.4 billion), down 18% from the previous year, as it struggled to improve operations amid continuing chip shortages and high material costs.