TOKYO (Reuters) – Japan’s Toyota Motor Corp on Thursday posted a worse-than-expected 42% drop in first-quarter operating profit, as auto production was curbed by COVID-19 restrictions on factories in China and a global semiconductor shortage.
Operating profit for the three months ended June 30 fell to 578.66 billion yen ($4.3 billion), falling far short of the average 845.8 billion yen profit estimated by 10 analysts, according to Refinitiv data. In the same period a year earlier, Toyota reported a 997.4 billion yen profit.
($1 = 133.7200 yen)
(Reporting by Satoshi Sugiyama; Editing by Kenneth Maxwell and David Dolan)
